Legendary Trader Peter Brandt Warns Deeper Bitcoin Price Crash Below $58K

BTC-USD +8.49%

• Veteran trader Peter Brandt warns about Bitcoin price crash to $70k and mid-$40k.

• Brandt continues to remain bearish after his previous Bitcoin price target of $58K.

• BTC price fell more than 6% today amid macro jitters.

Legendary trader Peter Brandt issues another bearish Bitcoin price prediction on Monday, warning about a major upcoming BTC crash. Global crypto market cap tumbled more than 5% to $2.92 trillion, with BTC plunging 6% to an intraday low of $85,653 today.

Peter Brandt Predicts Major Bitcoin Price Crash

In an X post on December 1, Peter Brandt, known for accurate Bitcoin market top and bottom predictions, shared another reason why he is bearish on Bitcoin price. He shared a weekly Bitcoin logarithmic chart showing BTC tops and bottoms in the last 12 years.

Peter Brandt highlights the upper boundary of the lower green zone starting at the sub-$70k level, showing more room for Bitcoin price to fall further. Also, the lower boundary support of the green zone is in the mid-$40k. As the crypto market enters a bear market, heavy liquidations by institutional investors and treasury firms could trigger Bitcoin price crash below $50k.

While he remains bullish on Bitcoin for the long term, he predicted a Bitcoin crash to $58K last month as BTC broke below the $100k psychological support. He predicted $81,000 and $58,000 as two primary support levels, which turned out to be accurate as Bitcoin price fell below $81,000 recently.

Will BTC Continue Historical Patterns and Crash 60%

Bitcoin continues to adhere to its four-year cycle, with historical peaks 12-18 months after halvings and bull market peaks occurring around 1,060-1,070 days. Long-term holders (LTH) and OG whales have sold their holdings in line and short-term holders and institutions are only buying the dip.

As CoinGape reported earlier, the BTC crash odds are higher as it aligns with its realized price at $56K and the 200-WMA at $56K. The range of drop remains the key question, as Bitcoin price crashed by more than 80% and 70% in prior bear markets. Notably, BTC is down more than 32% from its all-time high of $126,198.

BTC price is currently trading at $86,738, down more than 6% over the past 24 hours. The 24-hour low and high are $85,653 and $91,965, respectively. Trading volume climbed 66% in the last 24 hours amid crypto market crash today.

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Legendary Trader Peter Brandt Warns Deeper Bitcoin Price Crash Below $58K originally appeared on CoinGape