Bitcoin is sliding deeper into weakness as veteran trader Peter Brandt warns that a confirmed bearish pattern could pull the market toward $58,000. New data shows traders rotating out of BTC and prediction markets pricing in sharper downside.
Peter Brandt Outlines Sharp Bitcoin Downside Targets
Brandt said Bitcoin has completed a broadening top pattern, which supports a possible drop toward $58,000. His comment comes as the market struggles with eight straight days of lower highs.
Brandt noted that the reversal started on November 11 and has continued without any sign of a strong recovery. His chart shows a sweeping breakdown from a wide consolidation zone that held for months.
According to him, the current setup shows a bearish movement and could speed up under a worse market sentiment. Brandt had previously predicted that Bitcoin would drop below the average buy price of the Michael Saylor-led Strategy, which highlights how far the decline can run.
The analysis found two primary levels of support. The first level is at $81,000, and the second at $58,000. Many of the traders who would have done heavy buying at $58,000 might be doing nothing out of fear, according to the respected trader.
This anxiety is reflected in the wider market. A recent crypto market crash saw liquidations in Bitcoin, Ethereum, and XRP exceed $1 billion.
Brandt observed that the majority of buyers lose confidence sooner before the market attains their target levels. Hence, they won’t make any purchase at these ‘low’ price levels.
Bitcoin Falters as Altcoins Surge Ahead
This uncertainty is supported by new data about the market. A performance chart by Glassnode illustrates that nearly all major categories are performing better than Bitcoin. Such sectors include Layer-1s, Layer-2s, AI tokens, DeFi assets and meme coins.
Glassnode said this strength is unusual, but it follows a long period of altcoin underperformance earlier in the year. The trend shows traders rotating away from Bitcoin while the market absorbs heavy losses.
Prediction markets now reflect the same bearish tilt. Kalshi data shows a 44% chance that Bitcoin drops below $80,000 this year. The market now expects heavier volatility as traders reposition around potential new lows.
Schiff Rekindles Bitcoin Criticism
Peter Schiff added to the debate with another attack on Bitcoin. He claimed that there is no future for Bitcoin as a payment settlement system and stablecoins would be more fitting to this purpose. Schiff said tokenized gold also beats Bitcoin as a store of value.
Schiff repeated a similar argument recently when he claimed Bitcoin had failed as a digital form of gold. His comments often arrive during periods of sharp volatility.
The recent message by Schiff came at the time when Bitcoin price continues to fall and the crypto market remains in a state of extreme fear, according to the fear and greed index. Schiff’s criticism is not new but the timing of his latest criticism puts pressure on an already volatile market.
