Peter Brandt Predicts Bitcoin Could Crash 35% to $58,000 – Here’s Why
TLDR Peter Brandt predicts Bitcoin could crash to $58,000, representing a 35% decline from recent levels The veteran trader correctly predicted Bitcoin’s drop below $4,000 in 2018 when it was trading above $10,000 Brandt identifies a “broadening top” pattern and eight consecutive days of lower highs starting November 11 Bitcoin has already dropped 4. 5% in 24 hours with over $140 million in liquidations Prediction markets show 44% chance Bitcoin falls below $80,000 by year end Peter Brandt, a futures trader active since 1975, has issued a bearish Bitcoin forecast that mirrors his accurate 2018 prediction. The veteran analyst believes Bitcoin could fall to $58,000, marking a potential 35% crash from current trading levels. Brandt gained recognition for correctly predicting Bitcoin would drop below $4,000 in 2018 when it was trading above $10,000. He also called the historic gold reversal in the 1980s. His technical analysis approach has earned him a strong following in the trading community. The current crypto market is experiencing another downturn. Bitcoin reached a record high above $123,000 last month but now struggles to maintain levels above $90,000. In the past 24 hours, Bitcoin’s price declined 4. 5% with more than $140 million in positions liquidated. On November 19, Brandt shared a price analysis chart on X. He highlighted how a minor breakout on November 11 was followed by eight consecutive days of lower highs. This means the price has been continuously declining since that date. Brandt pointed to the completion of a “massive broadening top” pattern. A broadening top refers to a pattern of higher highs and lower lows that appears to be ending. This suggests Bitcoin could break down from its current range. The trader identified two key price targets for Bitcoin. The first target sits at $81,000 and the second at $58,000. He noted that traders who claim they will buy at $58,000 will likely panic sell by the time Bitcoin reaches $60,000. Market Rotation and Fear Indicators Data from Glassnode shows altcoins currently outperforming Bitcoin across multiple categories. Layer-1 tokens, Layer-2 solutions, AI tokens, DeFi assets, and meme coins are all showing better performance than Bitcoin. This trend is unusual and suggests traders are rotating away from Bitcoin. Prediction markets reflect this bearish sentiment. Kalshi data indicates a 44% probability that Bitcoin drops below $80,000 before the end of this year. The market expects increased volatility as traders adjust their positions around potential new lows. The crypto fear and greed index currently shows the market in a state of extreme fear. This reading matches similar conditions seen during previous market downturns. Over $1 billion in liquidations occurred across Bitcoin, Ethereum, and XRP during the recent crash. Schiff Renews Bitcoin Criticism Peter Schiff, a known Bitcoin critic, has renewed his attacks on the cryptocurrency. He argues that stablecoins work better than Bitcoin for payment settlements. Schiff also claims tokenized gold serves as a superior store of value compared to Bitcoin. Schiff’s latest comments arrived during the current period of high volatility. He has previously stated that Bitcoin failed as a digital form of gold. His criticisms typically appear during sharp price movements in the crypto market. Brandt’s analysis shows the reversal began on November 11 and continues without signs of strong recovery. His chart displays a breakdown from a wide consolidation zone that held for several months. The current setup indicates bearish momentum that could accelerate if market sentiment worsens. Glassnode noted that the altcoin strength follows a long period of underperformance earlier in the year. Traders appear to be repositioning their portfolios while the market absorbs heavy losses. The shift away from Bitcoin represents a change in market dynamics during this downturn.
https://coincentral.com/peter-brandt-predicts-bitcoin-could-crash-35-to-58000-heres-why/
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