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.
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.
Changpeng Zhao, the founder of Binance, recently sparked a wave of speculation in the crypto community after hinting at the possibility of burning all the altcoins in his public wallet.
Bitcoin’s dominance in the cryptocurrency market has been steadily climbing, now reaching 58.8%, up significantly from 51% in December.
Nasdaq has filed a request with the U.S. Securities and Exchange Commission (SEC) to obtain approval for the listing of Grayscale Investments’ Avalanche exchange-traded fund (ETF).
Crypto analyst and trader Ali Martinez has expressed a bearish outlook on Solana (SOL), which is currently trading about 53% below its peak value from January.