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Amid the broader crypto market crash, Bitcoin price has plunged 4% today to $66,000. Veteran investor Peter Brandt believes this could be just the beginning of a deeper decline to $49,000. The technical chart shows that BTC is at the lower end of the fractal, and could see a big fall ahead.
Peter Brandt Predicts A Bitcoin Price Crash to $49,285
Veteran trader Peter Brandt said Bitcoin price continues to follow classical technical analysis principles. In a recent post, Brandt stated that Bitcoin adheres to traditional charting methods.
Brandt added that, in his view, Bitcoin often follows classical chart patterns more closely than many traditional markets. He dismissed skepticism from critics who argue that technical analysis is ineffective for digital assets.
As per the above chart, Bitcoin price crash is likely as the price fluctuates at the bottom of the fractal, at around $66,530. A key downside target of $49,285, as per Peter Brandt’s chart, coincides with the prior 2024 breakout zone.
Another crypto analyst Crypto Patel, shared a similar perspective. He noted that the Bitcoin price chart could be forming another bearish flag pattern. According to Patel, a prior bearish flag breakdown led Bitcoin to fall from $89,000 to $60,000 within eight days. The analyst noted that a similar technical structure is now emerging on the daily chart.
Patel added that a daily close below $66,000 could confirm the breakdown. Per his analysis, this could open the door to a further decline toward the $46,000 level.
Bitcoin Price Crash Amid Massive Selling Pressure
Crypto analyst Ardi has flagged rising sell pressure from large holders in Bitcoin. He noted that whale activity has reached its most aggressive selling level since October 2024.
According to Ardi, whale delta data shows large players are selling into the current market structure more heavily than at any time in the past 18 months. Despite this, the Bitcoin price chart still appears to be holding key support levels on the surface.
However, the analyst warned that underlying sell pressure from major market participants suggests the current price zone is being tested with significant supply.
Bhutan Moves Most of Its Cryptocurrencies
The Royal Government of Bhutan has moved additional Bitcoin holdings. This has raised attention around potential sovereign-level selling activity.
On-chain data shows Bhutan transferred 123.7 BTC, worth approximately $8.5 million, within the past two hours. This follows earlier movements totaling 643 BTC, valued at roughly $45.24 million, over the previous two days. The continued transfers suggest possible sovereign redistribution or selling activity.
