Bitcoin Price Crash to $60k? Peter Brandt Flags Sell Signal For BTC

Veteran trader Peter Brandt has highlighted a sell signal for BTC that could spark a Bitcoin crash to $60,000. This comes as the leading crypto faces renewed downside pressure amid uncertainty over peace talks between the U.S. and Iran.

Brandt Points To Sell Signal That Could Spark Bitcoin Crash To $60,000

In an X post, the veteran trader stated that Bitcoin was setting up for a rising wedge sell signal. His accompanying chart highlighted $60,000 as one of the levels that the leading crypto could drop to on this leg down. The last time BTC dropped to this level was on February 6 and has since staged a recovery to as high as $76,000 despite the Iran war.

In another X post, Brandt doubled down on his bearish outlook for BTC, again hinting at a massive Bitcoin crash. He noted that BTC obeys the rules of classical charting better than most markets, suggesting that this bearish setup could easily play out. He marked $49,000 on the chart, signaling that BTC could drop to that level, potentially marking the bottom for the leading crypto.

It is worth noting that the veteran trader had previously predicted that Bitcoin would drop below $50,000 as the bear market drags on. Meanwhile, his latest analysis comes as BTC faces downside pressure due to the Iran war and uncertainty over peace talks.

The Bitcoin price has dropped below $66,000 today, down over 4% on the day. Notably, Trump’s decision to delay strikes against Iran hasn’t been enough to calm the markets, leading to this latest Bitcoin crash.

Conflicting statements from both sides are also fueling the uncertainty, with Iran declaring today that the Strait of Hormuz remains closed, just a day after Trump said that Iran allowed 10 oil tankers to pass through the strait as a show of goodwill.

BTC At A Crucial Support Level

Market analyst Ted Pillows noted that the BTC price is currently sitting at a critical support level between $66,000 and $67,000. He warned that a drop below this zone could lead to a Bitcoin crash to new lows. On the other hand, if the leading crypto reclaims the $70,000 level, then another short-term rally could happen.

The analyst also noted that in another X post that BTC has lost its price and RSI uptrend, which he said is a “major sign of weakness.” Ted Pillows also mentioned that Bitcoin has yet to enter the bottoming zone, but that once it drops towards the $50,000 level, a bottom formation will happen.

Meanwhile, Pillows pointed to the rising 10-year bond yield, which has climbed to an 8-month high, which he noted is bearish for crypto. Other macro factors, such as rising oil prices and rate hike expectations, are also contributing to the Bitcoin crash.