Trader Peter Brandt: Bitcoin may bottom out at $60,000

Jinse Finance reported that renowned trader and chart analyst Peter Brandt, based on the power law model chart from technical analysis firm JDK Analysis, believes that Bitcoin may bottom out at $60,000. According to Cointelegraph's analysis, BTC's weekly chart has confirmed a descending wedge pattern after the price lost support from the trendline at $114,550 under this pattern. Bulls are currently striving to keep the price above the 50-week simple moving average (SMA), which is now at $103,300. Other key support levels include the psychological threshold of $100,000 and the 100-week moving average at $82,000. If Bitcoin's weekly closing price falls below this area, Bitcoin will move toward the wedge target price of $72,000, representing a 30% drop from the current price.