<ul data-eligibleForWebStory="true"><li>Bitcoin's price has been fluctuating between $61,000 and $104,000 for several months, resembling a past sideways movement before a sharp drop.</li><li>Traders are divided on whether history will repeat itself or if new demand will support Bitcoin's price.</li><li>Veteran trader Peter Brandt warns of a potential 78% drop if the current setup mirrors previous patterns, suggesting a fall towards $23,600.</li><li>Some analysts point to increasing demand from institutions and governments but note technical barriers, like failure to surpass $105k, indicating caution.</li><li>Despite uncertainties, Bitcoin's long-term signals show bullish tendencies, with the formation of a golden cross on moving averages potentially leading to gains.</li><li>Investors face a balancing act between preparing for a potential drop below $104k-$105k and a rally if Bitcoin breaks above $106k, emphasizing the need for risk management.</li></ul>

Amid Bitcoin Hype, Seasoned Trader Predicts Sudden Drop To This Level

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