Brandt Warns of Potential Bitcoin Decline to $58K as Resistance Holds
Bitcoin's price has been hovering around $65,000 as veteran trader Peter Brandt weighs in on its potential decline. According to Brandt, a large head and shoulders structure broke down earlier this summer, pointing towards a possible drop to $58,000 if Bitcoin fails to reclaim resistance soon.
The technical setup shows that Bitcoin's daily chart indicates weak trend strength with an ADX reading near 11.16, signaling consolidation conditions. This is further reinforced by the fact that Bitcoin remains below its 54-day moving average and the marked $67,260 resistance area.
Brandt notes that he has not entered a trade, but if he were to bet on a direction, it would be for a decline. The market is currently caught between improving institutional demand through U.S. spot Bitcoin ETFs, which recorded net inflows of over $850 million across five sessions, and the technical structure.