Bitcoin Crash Alert: Trader Sees 35% Drop Ahead

Veteran trader Peter Brandt, a respected figure in financial markets since 1975, has issued a dire warning regarding Bitcoin's future price trajectory. His analysis, closely watched by traders globally, points to potential significant declines. Brandt's insights follow Bitcoin's recent struggles to hold above $90,000 after reaching a peak of over $123,000 last month.

Brandt has identified specific technical patterns, including a "massive broadening top" chart formation, which he believes signal an impending crash. He shared on social media X that a minor breakout on November 11 was followed by eight consecutive days of lower highs, indicating persistent downward pressure. This technical outlook suggests Bitcoin could be poised for a substantial breakdown.

Based on these observations, Brandt has set potential price targets of $81,000 and $58,000 for Bitcoin. He specifically cautioned investors who plan to buy heavily at $58,000, predicting they might regret their decision as the price could initially dip to $60,000 before potentially reaching the lower target. If his forecast materializes, Bitcoin could experience a 35% decline.