Veteran trader and market analyst Peter Brandt has shared a bearish short-term forecast for Bitcoin, predicting a potential price correction into the $58,000 to $62,000 range. Brandt, known for his classical charting techniques, based this outlook on technical patterns, specifically pointing to a bearish downward-sloping channel visible on his shared chart which suggests weakening bullish momentum.
Brandt emphasized his flexible approach to trading, stating he is "comfortable being wrong" and noting that he is wrong about 50% of the time. He defended his stance by clarifying that his career win rate is actually above 50%, but he does not consider the exact statistic to be very important. This prediction marks a shift from his more bullish comment in August 2025, when he suggested Bitcoin could hit a cycle top near $145,000.
The forecast arrives amidst ongoing market volatility and is contrasted by other market signals. Notably, the Crypto Fear and Greed Index has signaled a potential rally, with CryptoQuant analyst Moreno highlighting that the index's 30-day moving average has crossed above its 90-day moving average for the first time since May 2025. Such a crossover historically reflects a shift in market psychology and has often preceded positive price action in the weeks that follow.
Adding to the bearish narrative, longtime Bitcoin critic and gold proponent Peter Schiff warned that Silver's recent 37.7% monthly rally spells doom for Bitcoin, suggesting capital rotation into precious metals could drain enthusiasm from crypto and lead to a "catastrophic collapse" for BTC. Schiff has consistently argued that Bitcoin lacks intrinsic value compared to gold and silver.
For traders, Brandt's identified $58K–$62K zone is viewed by some analysts as a critical support area where institutional buyers might step in, potentially offering a buying opportunity should a correction occur. The mixed signals underscore the uncertain and unpredictable nature of the cryptocurrency market.
