Veteran trader who called 50% gold crash warns rival asset could be next

Core Insights - Peter Brandt, a renowned trader with a five-decade career, is known for his significant market predictions across various asset classes, including commodities, foreign exchange, and cryptocurrencies [1][4] - Brandt's historical market calls include the prediction of gold's crash in the 1980s and Bitcoin's decline in 2018, establishing his reputation as a fearless trader [1][5] Market Context - Gold prices surged to a record $850 per ounce in January 1980 due to inflation, high oil prices, and speculative buying, particularly by the Hunt brothers [2] - Following this peak, gold prices plummeted nearly 50% within weeks, dropping below $500, as the U.S. Federal Reserve implemented aggressive rate hikes to combat inflation [3] Recent Predictions - On October 22, Brandt indicated that Bitcoin is forming a bearish chart pattern similar to a historical setup seen in soybeans in 1977, which led to a 50% decline [6] - He warned that a similar 50% drop in Bitcoin could have significant implications for companies like MicroStrategy, which holds substantial Bitcoin assets [6][7]