- Peter Brandt suggested that Bitcoin could drop to $78K if critical levels are breached.
- Bitcoin’s trajectory hinges on the $93K neckline and $95K support.
Veteran trader Peter Brandt has raised alarm bells over Bitcoin’s [BTC] price action, suggesting that a head and shoulders top pattern could send it crashing to as low as $78,000.
Brandt acknowledged the uncertainty of the pattern, noting that it might either fail, continue with a higher thrust, or evolve into something different altogether.
However, he emphasized that, as it stands, the chart signals a potential downturn that traders should carefully watch and consider in their market strategies.
Brandt’s $78K projection: Analyzing the potential dip
In the latest X post, the trader shared his analysis, which centers on a possible head and shoulders top pattern forming in Bitcoin’s price chart, as indicated by the red highlighted zone.
The pattern, often a bearish reversal signal, suggested that BTC could drop to $78,000 if the neckline, marked by the horizontal black line, is breached.
Brandt acknowledged that this target was contingent on price action confirming the breakdown below the support level.
Meanwhile, the Average True Range (ATR) signaled…
