Renowned trader Peter Brandt warns that Bitcoin might fall below $70,000, given the current market conditions and global economic factors.
Current Bitcoin Market Situation
Bitcoin has remained below $90,000 for the past 7 days, raising concerns about a further decline. Trader Peter Brandt suggested that a drop below $70,000 is possible under current conditions. He noted that the market is already experiencing weak demand from large investors and general global uncertainty ahead of Donald Trump's upcoming 'Liberation Day.'
Potential Support and Resistance Levels
On the daily Bitcoin chart, a rising wedge pattern is visible, commonly a signal of potential price decline. Additionally, a double-top formation at $108,675 marks another classic sign of weakness. Should the price decrease further, it may hit $76,430 and $73,827, possibly dropping below $70,000. However, if Bitcoin manages to break past $90,000, $95,000, and even $100,000, the current bearish outlook could change.
Factors Affecting the Market
This week is set for a massive options expiry valued at over $16.5 billion, which might trigger significant price fluctuations. The '$85,000 max pain point' implies potential losses for the majority of traders. The lack of interest from large investors also raises concerns, as data shows decreasing Bitcoin transfers to derivative markets. In the broader perspective, the introduction of new tariffs by Donald Trump could add further challenges to global markets, consequently increasing pressure on Bitcoin.
Amid current market instability, investors and analysts continue to monitor key Bitcoin support and resistance levels, considering potential impacts of global economic factors.
