Peter Brandt warns of possible Bitcoin price drop at $62K

Veteran trader Peter Brandt, known for his decades of market experience, has issued a cautionary note regarding Bitcoin’s (CRYPTO:BTC) current trajectory.

Brandt shared his insights with his 742,500 followers on the social media platform X, expressing concern that Bitcoin may face a potential downturn if it fails to achieve new peaks soon.

In his analysis, he noted that Bitcoin has struggled to initiate a sustainable rally for the past eight months, raising questions about the asset’s strength.

He referenced a well-known market saying: “If a market that should rise is not rising, it usually cannot.”

This statement highlights the weakness observed in Bitcoin's price movements and suggests that the cryptocurrency could be headed for a downward trend unless its performance improves significantly.

Despite his warning, Brandt clarified that his comments should not be seen as a prediction but rather an assessment of the current market conditions.

He revealed that Bitcoin remains one of the largest assets in his portfolio, acknowledging the inherent risks in such a volatile market.

His advice to investors was to adopt a balanced and cautious approach, stating, “Those who do not pay attention to both sides eventually crash.”

This underscores his belief that investors should be ready for both potential gains and losses in a market as unpredictable as cryptocurrency.

Looking forward, Brandt provided a more optimistic outlook for Bitcoin’s potential.

He highlighted the upcoming Bitcoin halving cycle in March 2024 as a possible catalyst for significant gains.

According to Brandt, the halving could propel Bitcoin’s price to as high as $135,000 by August or September 2025.

However, he cautioned that this projection depends on Bitcoin remaining above the $48,000 support level.

A drop below this critical threshold could invalidate his analysis and lead to further downside risk.

At the time of writing, the Bitcoin price was $62,912.70.