Peter Brandt Says “Drug Use” at All-Time High Among Bitcoin Bulls: Here’s Why

thecryptobasic.com 2 h

Bitcoin

Veteran trader Peter Brandt has mocked the growing bullish excitement around Bitcoin, joking that “drug use is at an all-time high among Bitcoin bulls.”

This comes as speculation about a parabolic rally spreads across social media. Brandt made the remark while responding to a post from the crypto account Trending Bitcoin, which shared a chart suggesting the leading cryptocurrency could soon enter a steep upward phase. The post claimed Bitcoin was “about to go parabolic” and urged traders to “tighten your seatbelts.”

Meanwhile, Brandt does not agree with the assessment.

Key Points

Veteran trader Peter Brandt mocked Bitcoin bulls, joking that “drug use is at an all-time high” amid parabolic rally hype.
Brandt’s comment came after a viral chart suggested Bitcoin could soon enter a steep upward phase similar to past bull runs.
Despite his sarcasm, Brandt clarified he is not bearish and would go long if Bitcoin confirms a strong bullish trend.
Bitcoin is trading near $71,158, supported by $1.35B ETF inflows and a $1.28B purchase by Michael Saylor’s Strategy.

Bitcoin Parabolic Argument

The chart compared Bitcoin’s current price pattern with its previous bull cycle using a log-scale chart. It showed a consolidation phase inside an upward channel that could lead to a breakout. If the pattern repeats, Bitcoin might see a strong rally similar to past bull runs.

Meanwhile, trader Peter Brandt reacted skeptically to the excitement, joking that drug use seemed to be “at all-time highs among Bitcoin bulls”.

When another user laughed at the comment, Brandt maintained his critical stance. However, Brandt later clarified that his skepticism does not mean he is bearish on Bitcoin. He explained that if the market turns strongly bullish, he would simply adjust his position and go long.

Drug use at all-time high among bitcoin bulls

— Peter Brandt (@PeterLBrandt) March 10, 2026

Separately, Whale.Guru posted a dramatic claim that the “biggest bull run ever” was starting. Brandt again responded with sarcasm, saying there was “lots of psychedelic usage by Bitcoin bulls.”

Bitcoin Climbs as Market Conditions Improve

Despite skepticism about Bitcoin’s price action, the leading cryptocurrency has posted modest gains amid improving overall market sentiment. Bitcoin is currently trading around $71,158, up about 2.7% on the day, supported largely by rising institutional demand.

Bitcoin Chart | CoinMarketCap

Spot Bitcoin ETFs have recorded more than $1.35 billion in net inflows over the past two weeks, marking the first consecutive weekly inflows since October.

Moreover, Michael Saylor’s Strategy recently purchased about $1.28 billion worth of Bitcoin, bringing its total holdings to 738,731 BTC.

These large purchases have helped absorb selling pressure in the market. Institutional investors increasingly appear to be treating current price levels as accumulation zones rather than exit points.

Macro Relief

Bitcoin’s rebound also comes alongside improving risk sentiment across financial markets. Comments from U.S. President Donald Trump suggesting possible de-escalation in Middle East tensions helped lift risk assets, including cryptocurrencies. The crypto market’s total capitalization rose roughly 0.92% during the same period.

Meanwhile, even with the recent recovery, Bitcoin remains about 44% below its all-time high of $126,200 recorded in October. The market has been in a prolonged correction since then, and some analysts believe the bear market may not yet be fully over.

In the near term, traders are closely watching the $65,000 support level. If Bitcoin holds above it, the asset could attempt another test of the $75,000 resistance zone. A break below that support could open the door for a decline toward $60,000.