Published on March 28, 2025, at 8:06 PM WIB, this report highlights a stark warning from veteran trader Peter Brandt, who forecasts a potential drop in Bitcoin’s (BTC) price to $70,000. As Bitcoin hovers above $87,000 today, with the total crypto market cap nearing $3 trillion, Brandt’s bearish outlook contrasts sharply with the current market optimism. Here’s a closer look at his analysis and its implications.
Brandt’s Bearish Forecast
Peter Brandt, a seasoned market analyst with over 50 years of trading experience, shared his latest prediction on X earlier today, aligning with a Wyckoff analysis that targets a Bitcoin decline to $70,000. Known for his accurate calls like pinpointing Bitcoin’s 2018 crash Brandt bases this forecast on technical patterns suggesting a correction is imminent. He points to a “distribution phase” in Bitcoin’s chart, a hallmark of the Wyckoff method, indicating that the asset may be gearing up for a significant pullback.
Currently trading at around $87,000-$88,000, Bitcoin would need to shed approximately 20% to hit Brandt’s $70,000 target. This comes after a volatile week where BTC briefly dipped below $85,000 before recovering, driven by Strategy’s (formerly MicroStrategy) $584 million BTC purchase and broader market resilience.
Why $70,000?
Brandt’s analysis hinges on several observations:
Wyckoff Distribution: He identifies a classic topping pattern, suggesting that smart money is offloading positions ahead of a downturn. Posts on X from Brandt and others note a “sell-off signal” as Bitcoin struggles to break past recent highs.
Overbought Conditions: The Relative Strength Index (RSI) is nearing 70, a level often associated with overextension, hinting at a cooling-off period.
Market Sentiment Shift: Despite institutional buying like Strategy’s 506,137 BTC stash Brandt warns that speculative fervor could give way to profit-taking, especially if macroeconomic factors sour.
This isn’t Brandt’s first bearish call. Earlier this month, he suggested Bitcoin could crash to $20,000 if the Nasdaq enters a bear market, a scenario he ties to broader economic turbulence. However, his $70,000 prediction is framed as a more immediate risk.
Contrasting Views
Brandt’s outlook clashes with bullish forecasts from figures like Michael Saylor, who envisions a $200 trillion Bitcoin market cap, and Arthur Hayes, who sees $70,000 as a worst-case bottom rather than a target. The crypto community on X is divided some users back Brandt’s technical prowess, while others argue that ETF inflows and a pro-crypto SEC nominee like Paul Atkins will keep BTC buoyant.
Analysts note that a drop to $70,000 would test key support levels, potentially triggering a 2% market cap dip as altcoins follow suit. Yet, with BlackRock’s European Bitcoin ETP launch and GameStop’s BTC reserve plan, the bullish narrative remains strong.
What’s Next for Bitcoin?
Less than two hours after this article’s release at 8:06 PM WIB, Bitcoin holds steady above $87,000 as of 10:21 PM WIB. Brandt’s $70,000 call introduces uncertainty into an otherwise upbeat market. Will this be a self-fulfilling prophecy as traders react, or will institutional momentum defy the bearish chart? The coming days could prove pivotal, with the April 11 SEC roundtable on crypto trading regulation looming as a potential catalyst.
For now, Brandt’s warning adds a layer of caution to the crypto rally. Whether Bitcoin plunges to $70,000 or shrugs off the prediction, the market’s next move will test the resilience of its current highs.