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Veteran Trader Peter Brandt Projects Bitcoin Could Bottom at $60,000

Bitcoin may decline to $60,000 before finding a bottom, veteran trader and chart analyst Peter Brandt said on Nov. 4, citing the power law model from technical analysis firm JDK Analysis. Separately, Cointelegraph analysis identified a descending wedge pattern on BTC's weekly chart, with price losing support at the pattern's lower trendline of $114,550. Bulls are attempting to hold price above the 50-week simple moving average at $103,300, with additional support at the $100,000 psychological threshold and the 100-week moving average at $82,000. A weekly close below this zone could push Bitcoin toward the wedge target of $72,000, representing a 30% decline from current levels.
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