Veteran analyst Peter Brant, who has been warning against the long-running decline in Bitcoin (BTC), cautioned investors about the impending drop.
Peter Brandt, a name renowned for his 50 years of experience, said Bitcoin is facing renewed selling pressure as it tests a completed bearish channel.
At this point, the risk of a decline may continue unless Bitcoin definitively regains the critical price level of $93,000.
Bitcoin’s Decline Will Become Invalid If This Level Is Broken!
Brandt, in his analysis from account X, pointed to a completed bearish channel in Bitcoin, interpreting this as a sell signal.
The analyst said that recent price movements in Bitcoin increase the risk of a decline unless key levels are reclaimed.
Brandt concluded by saying that the bearish outlook for Bitcoin depends on whether the price can break through key resistance.
According to Brandt’s analysis, the bearish channel formation will only be invalidated if the price decisively breaks above and retraces the $93,000 level.
“With the completion of the descending channel in Bitcoin, another sell signal has emerged. Remember that charts can always change.”
The price needs to reclaim $93,000 to invalidate the BTC signal.”
A bearish channel is a technical formation characterized by a consistent downward trend between two parallel lines, and its completion typically indicates a continuation of the current downward momentum.
*This is not investment advice.