Peter Brandt said Bitcoin may be nearing a downside floor, arguing that historical bear market patterns suggest losses could be limited near the $42,000 level.
“If Bitcoin digs into the banana peel as deeply as in past bear market cycles, then the bulls should not need to suffer too far south of $42,000 — we are a hop, skip and jump from there,”
Brandt wrote in a post on X.
Brandt pointed to a long-term chart showing what he calls a “banana peel” support zone, a curved lower boundary that has historically contained Bitcoin’s deepest drawdowns.
He said the zone represents an area where price can slide quickly but has struggled to sustain deeper breaks in previous market cycles.
The comments follow an earlier warning from Brandt that recent Bitcoin price action resembles “campaign selling,” suggesting coordinated selling pressure rather than retail capitulation.
Bitcoin has continued to slide alongside a broader crypto market downturn, with major altcoins tracking losses as risk appetite fades.
Brandt cautioned that while further downside remains possible, historical behaviour suggests the current decline may be approaching a technically significant support area.
At the time of reporting, Bitcoin price was $65,906.36.