Veteran trader Peter Brandt warned that bitcoin has completed a bear channel, signalling that downside risk remains dominant.
Brandt shared the assessment on X on January 25, highlighting renewed technical pressure on the asset.
“Yet another sell signal in bitcoin as a bear channel has been completed,”
Peter Brandt said.
“Remember that charts can always morph. Price needs to reclaim $93K to negate,”
Peter Brandt added.
Brandt noted that classical chart patterns often imply continuation rather than immediate reversal once a bear channel is completed.
His chart showed bitcoin trading below declining moving averages and capped by a longer-term descending trendline.
A former support zone near $98,900 was identified as having flipped into resistance.
A short-term rising structure into January failed, reinforcing the broader bearish setup.
Brandt has also outlined a deeper downside scenario if selling pressure accelerates.
“$58K to $62K is where I think it is going. If it does not go there, I will not be ashamed. I am wrong 50% of the time,”
Peter Brandt said.
The trader stressed that his projections reflect probabilities rather than fixed predictions.
Analysts noted that bitcoin has previously invalidated bearish structures through sudden liquidity and demand shifts.
At the time of reporting, Bitcoin price was $86,959.21.