Renowned trader and chart analyst Peter Brandt, based on the power-law model chart of technical analysis firm JDK Analysis, believes that Bitcoin may fall to the bottom of 60,000 dollars.
According to Cointelegraph analysis, BTC's weekly chart confirms a falling wedge pattern after the price lost support from the trendline at $114,550. The bulls are currently struggling to maintain the price above the 50-week simple moving average (SMA), which is currently at $103,300.
Other key lines of defense are the psychological level of $100,000 and the 100-week moving average of $82,000. If the weekly close of Bitcoin falls below this area, Bitcoin will fall towards the wedge target of $72,000, a 30% drop from the current price.
Trader Peter Brandt: Bitcoin Could Bottom Out at $60,000
2025-11-04 13:09:51
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