TLDR

Peter Brandt has predicted that Bitcoin may fall to the $58,000 to $62,000 range.
He identified a bearish megaphone pattern suggesting a potential technical breakdown.
Bitcoin recently retested $102,233, which Brandt views as a bearish rejection point.
Brandt stated that a breakdown from the current channel could lead to a deeper drop.
He mentioned specific downside targets at $73,786, $63,254, and $58,840.

Veteran trader Peter Brandt has warned that Bitcoin (BTC) could face a sharp correction, citing a bearish technical structure and longer-term threats. He expects the cryptocurrency to drop to the $58,000–$62,000 range, with deeper downside possible. His chart analysis suggests an ongoing bearish trend that may intensify in the coming weeks.

Bitcoin Could Drop to $58,840 as Technical Breakdown Deepens

Peter Brandt has identified a broadening top pattern on Bitcoin’s price chart, marked by five key points forming a megaphone shape. This pattern typically reflects increasing volatility with higher highs and lower lows, signaling instability. Brandt stated, “58k to 62k is where I think it is,” suggesting further losses may be ahead.

The idea of “Bitcoin up forever” has a major flaw

It predisposes that nothing better will be developed/invented

As we approach quantum computing that is a dangerous presupposition indeed

— Peter Brandt (@PeterLBrandt) January 19, 2026

He explained that the price broke the lower support line at point B, confirming a bearish resolution of the pattern. After this breakdown, Bitcoin made a temporary relief rally to point P, reaching approximately $102,233. This level acted as a bearish retest, reinforcing the idea that the trend remains downward.

Since then, Bitcoin price has traded inside an upward-sloping parallel channel, creating what Brandt sees as a potential bear flag. Bitcoin is now testing the lower boundary of this flag near $92,468, according to his chart. A breakdown from this channel could confirm a continuation of the downtrend.

Brandt’s chart shows that a breakdown would first target $73,786, followed by $63,254, and then a final low at $58,840.

“If it does not go there I will NOT be ashamed,” he wrote, adding he is wrong 50% of the time.

Despite that, he remains confident that the technical setup points downward.

Bitcoin “Up Forever” Narrative Challenged by Quantum Threat

In addition to technical concerns, Brandt raised alarms over Bitcoin’s long-term security in the face of technological advances. He criticized the “Bitcoin up forever” belief, calling it flawed due to its assumption of zero innovation.

“It predisposes that nothing better will be developed/invented,” he argued.

Brandt pointed to the rise of quantum computing as a risk that could render current cryptographic systems vulnerable. He warned that the idea of Bitcoin’s perpetual dominance ignores this evolving landscape. The quantum threat, although a long-term concern, could challenge Bitcoin’s foundational security.

His comments highlight a rare intersection between technical analysis and broader technological risks. By mentioning the quantum computing threat, Brandt aims to shift the focus beyond daily price action. While not immediate, this factor adds to the pressures on Bitcoin’s long-term value.

Bitcoin’s technical and existential concerns now appear intertwined in Brandt’s analysis, combining short-term price risk with long-term uncertainty. His warning is both chart-based and strategic. The market response remains to be seen, but the outlined price targets remain active.

The post Peter Brandt Warns of Bitcoin Crash, Predicts Drop to $58K Range appeared first on CoinCentral.

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Filed under: News - @ January 20, 2026 12:25 pm