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,”