Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound

Veteran trader Peter Brandt has again provided a bearish outlook for the Bitcoin price following its crash below $90,000. He suggested that the rebound to the upside may be over, with a reversal to the downside likely on the horizon.

Peter Brandt Hints At Further Bitcoin Crash

In an X post, the veteran trader hinted at a further Bitcoin crash. This came as he stated that this week’s rally may be all the retesting of the broadening top that the market will see for the flagship crypto.

The broadening top is a bearish pattern that indicates a potential trend reversal from an uptrend to a downtrend. As the veteran trader highlighted, BTC had earlier this week rallied to as high as $94,000, providing optimism that a rally to the psychological $100,000 level was on the cards. However, the flagship crypto crashed below $90,000 yesterday, which again put the $80,000 level in focus.

Brandt’s accompanying chart highlighted $80,207 and $58,840 as two downside price targets to watch for Bitcoin. As CoinGape reported, he recently warned that the BTC price could crash further below $58,000, potentially dropping into the mid $40,000 range.

What Price Will BTC Hit Before The Year Runs Out

Crypto traders are currently betting on what price Bitcoin will hit before 2025 ends. Polymarket data shows that there is currently a 34% chance that BTC will reach $80,000 before the year ends. There is a 61% chance it will hit $95,000 and a 30% chance it will reach the psychological $100,000 level.

Source: Polymarket

As CoinGape reported, crypto analyst Van de Poppe indicated that the BTC price is likely to range between $92,000 and $85,000 until after the FOMC decision next week. The Fed is expected to make a 25-basis-point rate cut, which marks a positive for the flagship crypto.

Another positive for Bitcoin is the return of institutional inflows through the ETFs. According to SoSo Value data, these funds have recorded daily net inflows in eight out of the last ten trading days. This marks a reversal from their November performance, when they mostly recorded net outflows.

Meanwhile, it is worth mentioning that crypto analyst Titan of Crypto has warned of the possibility of BTC dropping to as low as $83,900 in the short term. He stated that failing to hold above the Tenkan at $89,000 could lead to a drop to the $83,900 support level.

Source: https://coingape.com/peter-brandt-hints-at-further-downside-for-bitcoin-after-brief-rebound/