Peter Brandt, a seasoned futures trader with a track record of accurate market calls, has issued a bearish forecast for Bitcoin, suggesting the cryptocurrency could fall as low as $58,000. This prediction, representing a potential 35% decline from recent levels, carries weight due to his history of correctly identifying major market shifts.

Brandt first gained widespread recognition in the crypto community in 2018 when he correctly predicted Bitcoin would collapse below $4,000 at a time when it was trading above $10,000. His career, which began in 1975, also includes calling the historic gold reversal in the 1980s, cementing his reputation as a respected technical analyst.

A Bearish Technical Pattern Emerges

The basis for Brandt’s latest prediction is a technical pattern he identifies as a “massive broadening top.” This formation, characterized by a series of higher highs and lower lows, often signals the end of an upward trend and can precede a significant price breakdown. In a price chart shared on November 19, he highlighted that a minor breakout on November 11 was immediately followed by eight consecutive days of lower highs, indicating sustained selling pressure.

Based on this analysis, Brandt has outlined two key price targets for a potential Bitcoin downturn. The first target is set at $81,000, with a more severe correction potentially pushing the price down to $58,000. He cautioned that many investors who claim they will buy the dip at $58,000 would likely panic and sell before the price even reached $60,000.

Market Sentiment Sours

Brandt’s technical analysis is supported by broader market indicators that point to growing unease among investors. In the last 24 hours alone, Bitcoin’s price has fallen 4.5%, triggering over $140 million in liquidations. The Crypto Fear & Greed Index has also shifted to a state of “extreme fear,” a reading consistent with previous market downturns.

Data from Glassnode reveals another unusual trend: capital appears to be rotating away from Bitcoin and into altcoins. Layer-1, Layer-2, AI, Decentralized Finance (DeFi), and even meme coins are currently outperforming Bitcoin—a dynamic that suggests traders are repositioning their portfolios amid the volatility. This bearish sentiment is also reflected in prediction markets, where data from Kalshi shows a 44% probability of Bitcoin falling below $80,000 by the end of the year.

Adding to the negative discourse, prominent Bitcoin critic Peter Schiff has renewed his criticism, arguing that tokenized gold is a superior store of value and that stablecoins are more effective for payments. Schiff typically voices his critiques during periods of sharp price volatility, and his latest comments coincide with the market’s current instability.

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