TLDR

Peter Brandt targets $58K for Bitcoin, citing mid-term correction after January slump.
Bitcoin’s recent price movement shows a drop to the $58K level, according to Brandt.
Brandt’s analysis suggests Bitcoin’s correction may lead it back to $58K in the near future.
A major selling push caused Bitcoin’s drop, with $58K seen as the next logical level.

Peter Brandt, a veteran commodity trader, has set a mid-term price target of $58,000 for Bitcoin (BTC). Brandt’s prediction comes after Bitcoin experienced a significant drop in price at the end of January 2026.

Following a dramatic market flush on January 31, which saw Bitcoin drop into the $77,000 range, Brandt pointed out that Bitcoin’s correction could continue. He referenced a “58th Street” target for Bitcoin, signaling that the cryptocurrency may be headed for a further decline before any potential rebound.

Next stop is 58th street
The conductor will be coming through the train collecting tickets so make sure you are on the right train
Choo choo $BTC
So done with Silver. It is yesterday’s story pic.twitter.com/h5V0fDdV5L

— Peter Brandt (@PeterLBrandt) January 31, 2026

Brandt’s forecast was shared on X (formerly known as Twitter), where he joked, “The conductor will be coming through the train collecting tickets so make sure you are on the right train. Choo choo $BTC.” This playful comment accompanied his analysis, warning investors of the possibility of a deeper pullback before any positive price movement.

Brandt’s Use of Bitcoin Power Law Indicator

To support his prediction, Peter Brandt utilized a “Bitcoin Power Law V2.0” indicator, which analyzes Bitcoin’s long-term market cycles against the U.S. Dollar. Brandt’s chart highlights Bitcoin’s price movements dating back to 2012, displaying the cryptocurrency’s historical growth patterns and key price levels.

According to the chart, Bitcoin is currently trading within a broad logarithmic growth channel. This channel defines three main zones: a high zone, a middle zone, and a low zone.

The analysis points to Bitcoin attempting to push into the high zone near $98,000, but facing a sharp rejection. The current price range of $37,000 to $62,000, according to Brandt’s chart, is considered a “generational buying opportunity.” It marks a crucial zone that could serve as a fair value magnet for Bitcoin’s price, especially if it reverts to the middle of the growth channel, which corresponds to the $58,000–$60,000 range.

Bitcoin’s Struggles in January and Selling Pressure

January 2026 proved to be a challenging month for Bitcoin, with a significant market correction. The cryptocurrency saw its price plummet from highs near $97,939 to lows of $75,555.

The January monthly candle, a key visual representation of Bitcoin’s price movement, showed a sharp red candle, indicating significant selling pressure. This rejection near the $100,000 level has led to concerns that Bitcoin’s bull market may be temporarily overextended.

Brandt’s prediction aligns with this pullback, suggesting that Bitcoin’s correction may lead to a reversion back to the $58K region. The $58,000 mark, according to his analysis, is seen as a natural price level within Bitcoin’s long-term growth channel, serving as a mid-term target for the cryptocurrency’s price.

The post Peter Brandt Predicts $58K As Next Target For Bitcoin In Market Correction appeared first on CoinCentral.

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Filed under: News - @ February 1, 2026 1:24 pm