Peter Brandt Sees Bitcoin Crash Reaching $58,000 Amid Bearish Trend

TLDR

• Peter Brandt warns that Bitcoin’s price could drop to $58,000 due to a broadening top pattern and continued market weakness.
• Bitcoin has experienced eight consecutive days of lower highs, signaling a lack of recovery and further bearish movement.
• Data from Glassnode shows traders are rotating out of Bitcoin and into altcoins such as Layer-1s, Layer-2s, and AI tokens.
• Prediction markets are pricing in a 44% chance of Bitcoin falling below $80,000, reflecting growing market uncertainty.
• Peter Schiff reiterates his criticism of Bitcoin, stating it cannot serve as a payment system or store of value.

Bitcoin continues to slide deeper into weakness, with a bearish pattern emerging on the charts. Veteran trader Peter Brandt has identified a broadening top pattern, suggesting Bitcoin’s price could drop toward $58,000. The warning comes after eight consecutive days of lower highs, signaling a lack of market recovery.

Brandt, who has been tracking Bitcoin’s movements, highlighted the market’s struggle since November 11. He noted that Bitcoin has been in a downward trend since then, with no signs of a strong reversal. According to Brandt’s analysis, this price action suggests a possible decline to $58,000, a critical support level for the cryptocurrency.

The veteran trader explained that Bitcoin had broken down from a wide consolidation zone. This zone had held for several months, but the market’s current weakness indicates a breakdown. If market sentiment continues to worsen, the crash could accelerate, with Bitcoin approaching the $58,000 level sooner than expected.

Bitcoin Struggles as Altcoins Outperform

New data from Glassnode reveals a shift in market sentiment. The analytics platform shows that other major sectors are outperforming Bitcoin. Layer-1s, Layer-2s, AI tokens, and DeFi assets have all outperformed Bitcoin in recent days.

This shift comes after a prolonged period of underperformance in altcoins earlier in the year. The trend now shows that traders are moving away from Bitcoin. The data suggests that the market is absorbing heavy losses, with many traders turning their attention to other sectors within the crypto space.

As Bitcoin struggles, traders are losing confidence in the digital asset. This behavior change reflects a broader trend where Bitcoin is no longer the market leader it once was. Many market participants are waiting for clearer signals before making further purchases in Bitcoin.

Prediction Markets and Peter Schiff Reflect Growing Bitcoin Bearish Sentiment

Prediction markets are also reflecting a bearish outlook for Bitcoin. Kalshi data now shows a 44% chance that Bitcoin will fall below $80,000 this year. The market expects greater volatility ahead as traders reposition in response to potential new lows.

Peter Schiff, a long-time critic of Bitcoin, has added fuel to the ongoing debate. Schiff stated that Bitcoin cannot serve as a payment settlement system. He also emphasized that stablecoins would be better suited for that purpose.

Schiff reiterated his criticism of Bitcoin as a store of value. His comments, which often come during times of market volatility, have added pressure to an already fragile market.

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