Peter Brandt Flags More Downside Risk as Bitcoin Breaks Below $90,000

Top trader, Peter Brandt, has warned that Bitcoin could fall further after dropping below $90,000, signaling that the market could face further decline despite the short-term bounce.

Speaking on current chart conditions, the veteran trader noted that BTC is still showing signs of weakness, suggesting the recovery may be temporary rather than the start of a sustained upward move.

Brandt also noted that Bitcoin had rallied to $94,000 earlier this week, giving hope it might reach $100,000. But after crashing below $90,000 yesterday, attention has shifted to the $80,000 support level.

He shared a broadening top chart, which is a bearish pattern signaling a possible shift from an uptrend to a downtrend. According to the chart $80,207 and $58,840 are key downside targets for Bitcoin, with the possibility that BTC could fall below $58,840, potentially reaching the mid-$40,000 range.

Bitcoin is currently trading at $89,270 with a trading volume of $38 billion and has risen by roughly 0.17% in the last 24 hours.

Crypto Traders Weigh In Despite Peter Brandt’s Warnings

Crypto traders are betting on Bitcoin’s price before 2025 ends, with Polymarket data showing a 34% chance it hits $80,000, a 61% chance it reaches $95,000, and a 30% chance it climbs to $100,000.

Crypto analyst Van de Poppe says Bitcoin may trade between $85,000 and $92,000 until the Fed’s FOMC decision next week, where a 25-basis-point rate cut is expected, potentially boosting Bitcoin.

Another boost for Bitcoin comes from money flowing in from institutional investors through ETFs. Data from SoSo Value shows these funds had net inflows on eight of the last ten trading days, reversing November’s trend when they mostly had net outflows.

Meanwhile, crypto analyst Titan warned that Bitcoin could fall to around $83,900 in the short term. He said if it doesn’t stay above the Tenkan level at $89,000, it may drop to that support level.