Bitcoin Hits $56,000 Downside Target as Peter Brandt Sees Expanding Triangle Pattern, BTC Down 2.5% to $65,587

According to trader Peter Brandt, Bitcoin is forming an expanding triangle pattern on the daily chart with a $56,000 downside target, representing a potential 14% decline from its current level. Brandt stated that expanding triangles are "very common in Bitcoin" and "typically reliable," noting that a move back above $75,000 would invalidate his bearish analysis.

Contrary to Brandt's view, analyst DonAlt believes Bitcoin will not revisit the $50,000 range, citing potential support at $60,000. DonAlt said he would turn bullish on Bitcoin if BTC regains $71,000 as support, stating "I'm gonna buy properly if we close this week above $71,000." Bitcoin was trading at $65,587 at the time of writing, down 2.5% on the day.