Veteran trader Peter Brandt has predicted that Bitcoin (BTC) could drop to the $58,000–$62,000 range, which would mean a 33–37% correction from the current price level of around $92,400.
His forecast comes at a time when Bitcoin shows several bearish signals. Other analysts also warn of an increased downside risk.
Peter Brandt warns that Bitcoin may decline based on technical patterns
In a message posted on X (formerly Twitter), Brandt noted that Bitcoin could move lower to the $58,000–$62,000 range. According to the accompanying chart, his view is based on a rising wedge pattern formed over the past two months.
“58k–62k is the range where I believe BTC is going,” the message stated.
An ascending wedge pattern forms when the price remains between two rising and converging trend lines; the lower trend line rises more steeply than the upper one.
This pattern often indicates a weakening of sentiment and a probability of declining movement, although technical analysis does not guarantee results. Brandt also acknowledged the uncertainty in market forecasts and stated:
“If it doesn’t go there, I’m not ashamed of it, so I don’t need to see you trolls sending any screenshots in the future. I’m wrong 50% of the time. It doesn’t bother me at all.”
In addition to Brandt, several market watchers have raised other bearish scenarios. One analyst noted that the current price structure of Bitcoin resembles the market cycle of 2022 and estimates that the asset is 'exactly repeating the 2022 fractal.'
The analyst shared a parallel comparison and noted that in both cases, Bitcoin's relief rally stopped below a horizontal resistance level. The movement ultimately formed a bull trap before the price broke down through the rising support.
In 2022, losing support led to a rapid price acceleration. According to the analyst, a similar development may be underway now as the recession intensifies.
BeInCrypto has additionally identified five key bearish signals for Bitcoin, reinforcing the possibility of a downward movement. Nevertheless, some analysts hold differing views in their assessments.
Analyst Ted Pillows noted that the annual growth of U.S. liquidity reached a bottom in November 2025, coinciding with Bitcoin's local bottom.
According to Pillows, liquidity conditions in the U.S. have begun to improve since then. He believes this could support a price rally in the cryptocurrency markets.
“Now U.S. liquidity is improving, which is one of the reasons I expect a price rally in the cryptocurrency markets. It’s that simple,” he stated.
OG Bitcoin whales are emerging amidst a divided market perspective.
Technical and macro-level indicators are sending mixed messages, but based on blockchain data, long-term holders have become increasingly active. The blockchain analysis platform Lookonchain reported that a long-passive Bitcoin OG whale transferred 909.38 BTC, worth about $84.62 million, to a new wallet after 13 years of inactivity.
When the coins were received, the price of one bitcoin was under $7. This represents about a 13,900-fold increase in value. Such whale movements often attract attention as they may indicate either potential sales or strategic positioning by early-stage investors.
In another update, Lookonchain identified another OG whale that has sold its holdings. This whale bought 5,000 bitcoins at $332 each 12 years ago. Recently, he sold 500 bitcoins for about $47.77 million, continuing a systematic selling series that began in December 2024.
“As of December 4, 2024, he has sold $BTC and sold 2,500 $BTC (265 million dollars) at an average price of 106,164 dollars. He still holds 2,500 $BTC (237.5 million dollars), and his total profits exceed 500 million dollars,” the publication reported.
Bitcoin is now at a turning point. Based on technical patterns and historical fractals, there is a risk of a deeper correction, but improving U.S. liquidity conditions suggest that macro-level winds could later support a new price rally. Time will tell how the situation ultimately develops.