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.

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.