Peter Brandt predicts bitcoin’s collapse to $ 58,000

The cryptocurrency market has suffered another sharp decline: $ 704 million worth of positions have been liquidated over the past 24 hours, according to CoinGlass. Traders who opened long positions in anticipation of growth suffered the most losses — $ 556 million of such bets were forcibly closed. For short positions, the volume of liquidations amounted to $ 157 million.

The largest losses were recorded for Ethereum — long positions worth $ 204 million, and for Bitcoin — $ 196 million. This confirms the high level of market volatility and risks for investors using leverage.

Amid the decline, market participants are once again in the zone of «extreme fear.» Famous trader Peter Brandt predicts a possible further decline in the price of Bitcoin to $ 58,000-$ 62,000, citing technical indicators and current dynamics.

Another analyst, Credible Crypto, believes that Bitcoin is on the verge of losing its bull market structure. He calls $ 74,000 the key level: if it holds, BTC can regain its position. To get out of the «danger zone,» the price should return to the $ 81,000-$ 85,000 range.

Credible Crypto also cited an example from the period around $ 25,000, when Bitcoin temporarily dropped to $ 24,800, but later updated its all-time high. In his opinion, support levels remain critical, and the market is now closely watching to see if BTC can gain a foothold above $ 81,000.