Peter Brandt Warns Bitcoin Could Drop to $58K–$62K Next

Bitcoin (BTC) remains under selling pressure after losing key technical support. Veteran trader Peter Brandt has warned that the current structure still points lower. His focus is on the $58,000–$62,000 range, which he considers the next major area to watch following the recent breakdown.

Peter Brandt Targets $58K–$62K

Peter Brandt wrote that “58k to $62k is where I think it is going,” keeping his bearish view on Bitcoin. He shared a chart showing a broadening top pattern, also known as a megaphone setup. The pattern formed with wider swings before the price slipped through the lower support line.

After that breakdown, Bitcoin bounced and climbed back toward $102,200. However, the move failed to regain lost support and reversed lower, fitting the definition of a bearish retest. Brandt’s downside zone also sits close to $58,840, which matches the $58,000–$62,000 range he referenced.

Bitcoin peaked near $126,000 in early October 2025 before reversing lower. The drop confirmed a completed top structure and pushed BTC down into the November low. It later stabilized and moved into a rising channel, but the rebound has not cleared key ceilings.

Notably, two resistance levels remain in focus at $98,950 and $102,200. Bitcoin has struggled to close above both zones. As long as the asset stays below them, buyers face a tough recovery path.

Meanwhile, the ADX (14) sits near 33, which points to a strong trend environment. With Bitcoin still trading below key moving averages, the reading supports the idea that sellers still control the broader move.

Bitcoin trades near $91,000 at press time, down about 2% over 24 hours and 1% in the last seven days. Trading volume stands above $38 billion. Renewed geopolitical tensions and tariff rhetoric from US President Donald Trump have added pressure to risk assets, including Bitcoin.

CME Gaps and On-Chain Loss Signals

Short-term traders are also monitoring CME price gaps forming around $93,000. Analyst CW said “a new CME gap has formed around $93,000,” adding that BTC may “first fill the CME gap around $88.2k, and then the CME gap at $93k.” That outlook points to a dip-and-rebound scenario if buyers defend the lower zone.

On-chain data adds another layer of concern. CryptoQuant head of research Julio Moreno said Bitcoin holders are now realizing losses, with the 30-day Realized Net Profit/Loss turning negative for the first time since October 2023.

Another CryptoQuant analyst, MorenoDV_, also pointed to a possible shift in sentiment based on the Fear & Greed Index trend. The analyst said the 30-day average has crossed above the 90-day average for the first time since May 2025, describing it as a setup where “short-term sentiment is improving faster than the broader baseline.”

Even so, the analyst warned that the signal works best as confirmation and not a trigger. If the short-term average fails to hold above the long-term line, it may suggest “optimism lacked depth and conviction” during a fragile market phase.