Bitcoin Faces Potential Dip as Peter Brandt Warns of Bearish Signal

Veteran trader Peter Brandt has issued a cautionary note regarding Bitcoin, suggesting that the digital asset could be on the brink of a significant downturn.

Brandt believes Bitcoin may be forming a bearish reversal pattern on its daily chart, which could signal a sharp decline.

He pointed out that if the cryptocurrency breaks key support levels, it could dip as low as $70,000. Brandt clarified, however, that he is not making a specific prediction, but merely highlighting a possible outcome.

Hey trolls — this is not a prediction. Just always pointing out possibilities, not probabilities, not certainties. No screen shot is necessary $BTCA right angled broadening triangle could project back into the 70s and a test of the parabolic modality pic.twitter.com/n5sy6DxAMb

— Peter Brandt (@PeterLBrandt) December 20, 2024

At the time of writing, Bitcoin is trading at around $97,500, showing a slight decline in the past 24 hours.

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If Bitcoin fails to maintain its current support around $90,000, Brandt’s analysis suggests the price could fall to as low as $76,614. The trader emphasized that while such a move is not guaranteed, it’s something to keep an eye on as the market evolves.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.