Renowned trader Peter Brandt has issued a stark warning regarding the potential trajectory of Bitcoin. In a recent post on X, he suggested that the cryptocurrency could experience a drop to between $58,000 and $62,000. Brandt acknowledged the inherent uncertainty in his forecasts, stating that his predictions are correct only about half the time and should not be viewed as certainties.
This warning comes at a time when the market is experiencing a delicate balance between bullish sentiment and cautious outlooks. Brandt challenged the prevailing belief that Bitcoin will continue to ascend indefinitely, arguing that such an assumption depends on the premise that no superior technology will emerge to challenge its dominance. He pointed to the advancements in quantum computing as a potential disruptor of the current cryptocurrency landscape.
Supporting Brandt”s caution, analyst Ali Martinez concurred with his assessment. Another analyst, Daan Crypto Trades, provided a technical analysis indicating that Bitcoin has recently rejected its bull market support band during its first retest since a significant breakdown in November. While the price remains relatively near this critical zone, Daan Crypto emphasized the necessity for bulls to achieve a decisive weekly close above the band to regain momentum. He noted that such retests often determine market sentiment for extended periods, hinging on whether the price can reclaim or continues to reject this level.
On a more bearish note, Rashad Hajiyev proposed an even grimmer scenario, suggesting that if historical price cycles are any indication, Bitcoin could plummet to approximately $29,000 by October 2026. His analysis highlights the pattern of significant declines following the peaks observed in 2017, 2021, and the anticipated peak in 2025, each followed by roughly year-long corrections of around 80%.
CoinMarketCap data reveals that Bitcoin has dropped 6.64% in the past 24 hours, currently trading at $70,927, which is below the market”s overall decline of 5.71%. The consensus among traders remains divided, with some anticipating a rise to $110,000, while others warn of potential deeper corrections on the horizon.
