Bitcoin Faces Potential Dip as Peter Brandt Warns of Bearish Signal

Veteran trader Peter Brandt has issued a cautionary note regarding Bitcoin, suggesting that the digital asset could be on the brink of a significant downturn.

Brandt believes Bitcoin may be forming a bearish reversal pattern on its daily chart, which could signal a sharp decline.

He pointed out that if the cryptocurrency breaks key support levels, it could dip as low as $70,000. Brandt clarified, however, that he is not making a specific prediction, but merely highlighting a possible outcome.

At the time of writing, Bitcoin is trading at around $97,500, showing a slight decline in the past 24 hours.

If Bitcoin fails to maintain its current support around $90,000, Brandt’s analysis suggests the price could fall to as low as $76,614. The trader emphasized that while such a move is not guaranteed, it’s something to keep an eye on as the market evolves.