Veteran Analyst Predicts Bitcoin Price Crash Amid Increasing Selling Pressure

Veteran analyst Peter Brandt has made a prediction about the future of Bitcoin's price, citing classical technical analysis principles. According to his chart, the cryptocurrency is at the lower end of a fractal and could see a significant drop in value.

Brandt noted that Bitcoin often follows traditional charting methods, which contradicts the views of some critics who argue that technical analysis is ineffective for digital assets. He believes that the current price level of $66,530 could be a turning point for the cryptocurrency, potentially leading to a decline to $49,285.

This prediction is supported by another analyst, Crypto Patel, who also notes that a bearish flag pattern could push the price towards $46,000 if key support levels break. The analyst warned that a daily close below $66,000 could confirm the breakdown and trigger further selling.

Large holders are also contributing to the increased downside risk, with whale activity reaching its most aggressive selling level since October 2024. This suggests that major market participants are selling into the current market structure, which could put pressure on the price.