Renowned trader and technical analyst Peter Brandt suggested that if a scenario similar to past bear market cycles repeats, Bitcoin (BTC) could bottom at around $42,000.
Recalling that he accurately predicted Bitcoin’s crash in 2018, Brandt said the current price movements are comparable to past cycles. According to Brandt, Bitcoin is retreating toward a key technical zone that he calls a “banana peel,” similar to those seen in past bear markets.
The experienced analyst argued that if prices fall to this level, the additional downside scope faced by the bulls could be limited. Brandt suggested that the potential bottom is around $42,000, stressing that the current price is “pretty close” to this target area.
Brandt’s comments come amid increased selling pressure and risk-averse sentiment in the cryptocurrency market in recent days. Market participants are closely watching whether Bitcoin can sustain important psychological and technical support levels.
Analysts believe that spot ETF outflows, global macroeconomic uncertainty, and tight liquidity are putting pressure on Bitcoin prices. Brandt’s $42,000 forecast stands out as an important level to watch if the bear market deepens.
Meanwhile, Brandt noted that “banana peel” zones frequently coincide with areas where the market bottomed in past cycles, suggesting that at this level prices may tend to flatten and form a bottom rather than a sharp decline.
*This is not investment advice.
