Veteran trader Peter Brandt recently warned that Bitcoin could slide toward the $58,000 to $62,000 range.
In a post shared on X, Brandt emphasized that he is comfortable being wrong, noting that his forecasts fail roughly half the time and that price targets should not be treated as guarantees.
However, the trader’s comments arrive amid a fragile technical backdrop and a market that’s split between bullish conviction and caution.
Brandt also challenged the widely held assumption that Bitcoin will rise indefinitely. The veteran argued that the opinion rests on the belief that no superior technology will emerge, insisting that the premise is flawed as quantum computing advances. Meanwhile, analyst Ali Martinez agreed with Brandt’s remarks.
From a technical perspective, analyst Daan Crypto Trades pointed out that Bitcoin has rejected its bull market support band during the first retest since the November breakdown.
While BTC’s price remains relatively close to that zone, Daan Crypto noted that bulls need a decisive weekly close back above the band to restore momentum. The analyst added that such retests often set the tone for weeks or months, depending on whether the price reclaims or rejects the level.
In contrast, Rashad Hajiyev presented a sharply bearish projection, suggesting that if historical cycles repeat, Bitcoin could fall to around $29,000 by October 2026. Hajiyev’s thesis points to prior four-year cycle peaks in 2017, 2021, and 2025, followed by roughly year-long declines of about 80%.
Meanwhile, CoinMarketCap data shows Bitcoin fell 6.64% in the past 24 hours to $70,927, underperforming the market’s 5.71% decline. Market consensus remains divided, with some traders targeting $110,000 while others warn of deeper correction risks.
Source: https://zycrypto.com/peter-brandt-makes-ultra-bearish-revelation-projecting-58000-as-potential-stop-for-bitcoin/
