Bitcoin Price Drops Below $63K, Trader Predicts Tradable Low in October

Bitcoin's price has taken a sharp downturn, breaking below its rising channel and trading near $63,572. The move has triggered over $1.1 billion in liquidated leveraged positions, indicating significant selling pressure across the crypto market.

The loss of the channel support is a key technical signal on the chart, with immediate support now located near $62,000 to $63,000. If this zone fails, the next level sits near $60,000, followed by wider support around $58,000 to $55,000.

Peter Brandt believes that Bitcoin has reached its initial February low and may not form a tradable low until October. This suggests that prices could continue to decline or experience a 'terminal wash-out' before stabilizing.