Bitcoin Price Crash: Peter Brandt Warns BTC Price Potential Drop to $48K If This Happens

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The total cryptocurrency market cap has continued to shrink in the past few days to about $2.57 trillion, as Bitcoin (BTC) price teased below $67k again in the past 24 hours. The flagship coin has slipped around 1.2 percent in the past 24 hours to trade about $66,762 on Friday, during the early Asian session. 

Bitcoin Traders Hit a Red Flag

After the US Fed signaled only one interest rate cut later this year, Bitcoin’s bullish sentiments have dramatically reduced. According to on-chain data analysis, provided by CryptoQuant, Bitcoin miners have accelerated their selling rate, which is a signal for an incoming capitulation.

According to Jurrien Timmer, the director of global macro at Fidelity Investments, the growing divergence in Bitcoin price and adoption rate is the lead cause of the slowed bullish outlook. Timmer, however, highlighted that Bitcoin remains an exponential Gold with immense potential as a store of value.

Meanwhile, US spot Bitcoin ETFs have registered net cash outflow in the past week, whereby around $226 million was liquidated on Thursday.

Brandt’s Take on BTC Price Action

As Bitcoin price struggles to rally above the resistance level of $72k, on-chain data analysis provided by Santiment shows that the dip narrative has escalated on social media platforms. However, veteran trader Peter Brandt has cautioned crypto traders of several glaring bearish signs. 

On the top list, Brandt pointed to Bitcoin’s exponential decay with respect to the prior bull cycles. The respected trader, therefore, cautioned Bitcoin traders to keep a close watch on a weekly close below $66k as it could push the instrument towards $60k. And if the $60k level does not hold, Brandt expects Bitcoin price to fall towards $48k before establishing support for a fresh pump.