Peter Brandt Predicts Further Bitcoin Decline After Temporary Surge

Veteran trader Peter Brandt has offered a bearish forecast for Bitcoin, suggesting a potential further decline after its recent drop below $90,000. Despite a brief surge, Brandt believes a trend reversal could be imminent.

Potential Bitcoin Decline According to Peter Brandt

In a recent X post, Brandt indicated that the recent rally might be the final retest of a broadening top for Bitcoin. This pattern suggests a bearish trend reversal from an uptrend to a downtrend.

Earlier this week, Bitcoin rose to $94,000, sparking optimism for a climb to the $100,000 mark. However, it fell below $90,000, bringing the $80,000 level into focus. Brandt's chart highlights $80,207 and $58,840 as key downside targets.

Bitcoin Price Predictions for Year-End

Traders are speculating on Bitcoin's year-end price, with Polymarket data indicating a 34% chance of reaching $80,000, a 61% chance of hitting $95,000, and a 30% chance of climbing to $100,000. Crypto analyst Van de Poppe expects BTC to range between $92,000 and $85,000 until the FOMC decision next week, which could include a 25-basis-point rate cut, potentially benefiting Bitcoin.

Institutional inflows via ETFs are also on the rise, reversing November's trend of net outflows. However, crypto analyst Titan of Crypto warns of a possible drop to $83,900 if Bitcoin fails to hold above the Tenkan at $89,000.