Veteran trader Peter Brandt has cautioned that Bitcoin (BTC) may be forming a bearish 'broadening top' pattern, which could signal a significant price decline. Brandt highlighted that Bitcoin has been fluctuating between $108,000 and $115,000 after reaching a peak of over $126,000 on October 6. This pattern, according to Brandt, resembles the one observed in soybeans in 1977, which preceded a major price crash. Brandt's analysis suggests that Bitcoin could face a potential 50% decline if the pattern holds true. However, some critics argue that the comparison is flawed due to Bitcoin's unique market dynamics and inelastic supply, which differ significantly from those of soybeans.