Bitcoin risks continuing to adjust toward the 58,000–62,000 USD range as technical signals still indicate weakness, according to legendary trader Peter Brandt. He believes the upward momentum is fading, while the chart structure carries significant downside risks.
Market attention increased after Brandt shared his views on X platform on 01/20. The commodities and forex trader with over 50 years of experience (since 1975) assessed that Bitcoin could head toward the 58,000–62,000 USD zone amid unresolved technical pressures.
He wrote: “58,000–62,000 USD is the range I believe Bitcoin could target.” At the same time, Brandt emphasized a probabilistic approach, candidly acknowledging the possibility of being wrong: if the market does not follow this scenario, he is not concerned because “being wrong 50% of the time is normal.”
Source: Peter BrandtThe daily chart shows Bitcoin’s price oscillating within a slight upward channel after a sharp sell-off. The price repeatedly failed to approach the near 100,000 USD zone, while support below is concentrated in the lower 80,000 USD area. Momentum indicators reflect market indecision, reinforcing Brandt’s cautious stance.
By 01/20, Brandt shifted focus from specific price targets to structural risks. He stated that Bitcoin is forming an ascending wedge pattern—a structure he does not trade due to its complexity and unpredictability. According to Brandt, these patterns often lead to strong and uncontrollable breakouts.
The updated chart shows the price being compressed within an ascending wedge after declining from a peak, with resistance around 100,000 USD and decreasing reference points through the 80,000 USD and 70,000 USD zones. The projection continues toward the lower 60,000 USD area, highlighting the risk of a deeper correction if the current structure breaks downward.
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