Peter Brandt Says Bitcoin Price Crash to $62K May be Incoming

According to Peter Brandt, the Bitcoin price will fall to between $58K and $62K, with a bear flag collapse underway on the 4-hour Bitcoin chart. Other analysts agree with Brandt.

Bitcoin price breached several support levels, declining to approximately $92,000 amid risk-off sentiment, concerns over Greenland tariffs, whale liquidations, and wider market pressures. Experts, including seasoned trader Peter Brandt, foresee a decline in Bitcoin's price to $62,000 as long-term investors, whales, and on-chain indicators exhibit bearish signals.

Peter Brandt Says Bitcoin Price Decline to $58,000–$62,000

Veteran trader Peter Brandt predicts that the Bitcoin price will decline to the $58,000–$62,000 range, reinforcing a pessimistic outlook. Notably, the $58K price target slightly exceeds the realized price and the 200-week moving average.

He presented a daily price chart for BTC, illustrating a pattern recurrence observed during the October cryptocurrency market decline. Other analysts, including Ali Martinez, concur with Brandt, with some forecasting a decline to $66,000.

Notably, Ali Martinez emphasized that the BTC pattern closely resembles that of 2022. As the coin generally adheres to its historical trends, he anticipates a significant decline in Bitcoin's price forthcoming.

Earlier, Peter Brandt issued a warning regarding a high likelihood of a price decline to $58,000 following Bitcoin's breach of the $100,000 psychological support level. He presented a weekly logarithmic Bitcoin chart indicating additional potential for BTC to decline, with the lower boundary of the green zone positioned around the mid $40,000 range.

Renowned analyst Cheds Trading noted that a bear flag breakdown is currently underway on the 4-hour BTC chart. The $90,400 level represents the primary support level to monitor.

Bitcoin On-Chain Data Indicates Vulnerability

Short-term investors and large holders liquidated their positions as the price of BTC was unable to sustain levels above $97K. The recent recovery in the cryptocurrency market was primarily fueled by derivatives trading activity and the liquidation of short positions, rather than persistent demand from large holders and investors, with no backing from Bitcoin leverage traders.

Julio Moreno, Director of Research at CryptoQuant, states that Bitcoin holders are experiencing realized losses. The BTC 30-day Realized Net Profit/Loss on-chain metric indicates realized losses for the first time since October 2023, supporting assertions of a potential Bitcoin price decline.

Onchain Lens has disclosed that large holders are initiating new short positions on Bitcoin. It also observed that the “255 BTC Sold” whale has fully liquidated its long positions in BTC, ETH, SOL, and DOGE, leading to a realized loss of $2.64 million.

Meanwhile, the on-chain platform Glassnode observed that BTC is receding into the low-$90K range, with momentum waning but still remaining above neutral. It asserts that BTC is more likely to consolidate rather than experience a downward trend.

Options traders continue to exercise caution amid concerns over a potential Bitcoin price decline driven by heightened uncertainty. However, spot and futures indicators demonstrate an increase in positive sentiment, while Bitcoin ETF transactions indicate a resurgence of institutional interest.

BTC price declined approximately 2% in the past 24 hours, presently trading at $90,889. The 24-hour low and high are $90,833 and $93,358, respectively.