Brandt Warns of Potential Decline to $58K as Bitcoin Fails to Break Above Resistance
Bitcoin's price has been hovering around $65,000 as veteran trader Peter Brandt warns of another decline. According to Brandt, a large head and shoulders structure that broke down earlier this summer points towards a potential price drop to around $58,000 if Bitcoin fails to reclaim resistance soon.
The technical setup is reinforced by the Average Directional Index (ADX) reading near 11.16, indicating weak trend strength during current consolidation conditions. Despite the bearish view from Brandt, U.S. spot Bitcoin ETFs have recorded more than $850 million in net inflows across five sessions.
One large whale has been selling significant amounts of Bitcoin, disposing of 7,513 BTC worth around $486.9 million over three weeks. However, the selling activity by this single whale should not be taken as a sign that all whales are selling, and Brandt's view remains a technical scenario rather than a confirmed market forecast.
The next scheduled macro test for Bitcoin arrives on Wednesday with the release of July U.S. consumer price data. A sustained break above $67,260 would challenge the bearish setup and improve the recovery structure, while failure around that zone would keep the recent consolidation intact and leave the $60,000 region exposed to another test.