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Trader Peter Brandt: Bitcoin Could Fall to $60,000 Bottom

2025.11.04 20:56:19

On November 4th, the renowned trader and chart analyst Peter Brandt, based on the power law model chart from the technical analysis firm JDK Analysis, indicated that Bitcoin might fall to a bottom of $60,000. According to Cointelegraph's analysis, the weekly chart of BTC confirmed a descending wedge pattern. The price previously broke below the trendline support of this pattern at $114,550. The bulls are currently making great efforts to keep the price above the 50-week Simple Moving Average (SMA), which is currently at $103,300. Other key support levels are the psychological level of $100,000 and the 100-week moving average at $82,000. If Bitcoin's weekly closing price drops below this range, Bitcoin will move towards the wedge target of $72,000, a 30% decline from the current price.
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