Legendary analyst Piotr Brandt presented a bearish outlook for the Bitcoin price. He predicted it could drop as low as $78,000 and explained why he was so bearish.

Peter Brandt predicts that the price of Bitcoin will fall to $78,000

In Post XPeter Brandt predicted that the price of Bitcoin could fall to $78,000. This prediction came when he revealed a head and shoulders top pattern. The legendary analyst noted that the complete formation of this pattern could result in a price collapse for this purpose. Brandt added that this pattern may break down in the case of “force hiring” or may evolve into something else.

Peter Brandt stated that as it currently stands, this is the upper price pattern for Bitcoin given what it is. The legendary analyst is not the only person who has raised this bearish pattern for Bitcoin. Cryptocurrency analyst Aksel Kibar also emphasized a potential head and shoulders pattern that has formed on the BTC chart.

The analyst pointed out that this bearish formation poses a risk of the Bitcoin price falling to $80,000. He also raised the possibility of this withdrawal, pushing the flagship cryptocurrency to the market widening pattern ended up breaking above $73,600. However, the analyst suggested that this bearish pattern could still be invalidated as it still needs to break below the neckline before a breakdown becomes a real possibility.

Cryptocurrency analyst Ali Martinez also recently presented a bearish Bitcoin price setup. He stated that a drop below $93,600 could send the flagship cryptocurrency to $80,000 or even $70,000. On the other hand, he noted that BTC needs to break above $94,800 to confirm the price recovery.

How could this play out with BTC

In the post: X, cryptocurrency analyst Crypto Mikybull provided insight into how this could affect Bitcoin’s price. He stated that Bitcoin could experience a crash before heading into the first quarter of 2025, before eventually rising to the top of the cycle. He added that 2025 will be more volatile than most market participants expect.

The attached analyst chart showed that Bitcoin’s price could rise to a cycle high of around $130,000. Jelle cryptocurrency analyst also recently predicted that BTC could reach $140,000 in the next three months. Despite Bitcoin’s current moderate price action, the analyst is confident that the cryptocurrency will continue to rise much higher.

He stated that everything indicates that the price of Bitcoin will be higher in a few months. The cryptocurrency analyst added that it doesn’t matter whether BTC drops to $87,000 or not in the meantime, as it will continue to rise thereafter.

At the time of writing, Bitcoin is trading at around $93,600, down more than 1% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com