Renowned trader and technical analyst Peter Brandt suggested that if a scenario similar to past bear market cycles repeats itself, Bitcoin’s (BTC) bottom could be around $42,000.
Brandt, recalling his accurate prediction of the sharp Bitcoin drop in 2018, stated that current price movements are comparable to past cycles. According to Brandt, Bitcoin is retreating towards a critical technical zone, which he calls a “banana peel,” similar to what was seen in previous bear markets.
The experienced analyst argued that if the price falls to this level, the additional room for decline the bulls will face may be limited. Brandt indicated a potential bottom of around $42,000, emphasizing that the current price is “quite close” to this target area.
Brandt’s comments come amid recent increased selling pressure and a strengthening risk-aversion sentiment in the crypto markets. Market participants are closely watching whether Bitcoin can maintain its psychologically and technically significant support levels.
Analysts believe that spot ETF outflows, global macroeconomic uncertainties, and tightening liquidity are putting pressure on the Bitcoin price. Brandt’s $42,000 prediction stands out as a critical level to watch should the bear market deepen.
On the other hand, Brandt noted that the “banana peel” zone frequently coincides with areas where the market has bottomed out in past cycles, implying that at these levels, the price may tend to flatten and form a bottom rather than experience sharper declines.
*This is not investment advice.
