Bitcoin bulls risk further pain as Peter Brandt flags bearish channel

Veteran trader Peter Brandt warns Bitcoin’s bearish channel could trigger further downside unless strong buying breaks key resistance.

Veteran trader Peter Brandt, who accurately predicted Bitcoin’s (BTC) 2018 decline, has issued a warning regarding potential downward price movement for the cryptocurrency, according to a chart shared on social media platform X.

Brandt highlighted key resistance levels for Bitcoin near the six-figure price point in his analysis. The trader indicated that Bitcoin remains within a bearish, downward-sloping channel pattern, according to his post.

Peter Brandt says Bitcoin has lower to go

The analysis suggested that without strong buying pressure, Bitcoin could experience additional downward movement. Brandt stated that the price could move to a lower range, while acknowledging uncertainty in market predictions.

Brandt, who has decades of trading experience, noted in his post that his forecasts are not always accurate, stating he would not be ashamed if proven incorrect.

Bitcoin has faced increased volatility in recent months as the cryptocurrency market responds to various macroeconomic factors and regulatory developments. The digital asset previously reached all-time highs before experiencing significant price fluctuations.

Market analysts continue to monitor key technical levels and trading patterns as investors assess the cryptocurrency’s near-term trajectory.