Bitcoin Price Outlook: Peter Brandt Hints at Market Top as BTC Drops Below $80k

Bitcoin Price Outlook: Peter Brandt Hints at Market Top as BTC Drops Below $80k

Veteran trader Peter Brandt has added fuel to the debate over Bitcoin's (BTC) price trajectory after acknowledging an analyst's call that the market top may already be in place. Brandt praised the analyst's contrarian view, hinting at a more cautious outlook for BTC. This comes as Bitcoin struggles to regain momentum, recently dropping 2.03% in 24 hours to $81,694, with prices earlier plummeting to $76,555, the lowest since November.

Market Sentiment Remains Divided

The Bitcoin community is split on whether the bull run is over. A recent poll by IntoTheBlock reveals that 31.1% of respondents believe the top is already in, while 68.9% remain optimistic about further gains. This divide underscores the uncertainty in the market, with some traders bracing for a downturn and others expecting additional upside.

Glassnode Insights: Key Levels to Watch

Glassnode data highlights the significance of the short-term holder (STH) cost basis at $92,000 as a critical momentum indicator. A sustained break above this level could signal bullish sentiment, while rejection may lead to deeper corrections. Currently, supply gaps between $90,000 and $69,000 are filling slowly, with notable accumulation between $80,000 and $90,000. However, supply remains thin around $70,000, suggesting that losing the $80,000 level could accelerate downside risk for BTC.

Macro Factors and Accumulation Trends

The six-month BTC supply view shows significant accumulation at two key levels: $98,000 with 268,000 BTC accumulated and $62,100 with 228,000 BTC accumulated. However, without a crypto-specific catalyst, macroeconomic concerns may continue to weigh on Bitcoin prices in the near term. This week, key economic indicators such as the consumer price index (CPI) on Wednesday and the producer price index (PPI) on Thursday will be closely watched by the market.

As Bitcoin navigates this uncertain landscape, traders and investors are advised to keep a close eye on these key levels and macroeconomic developments that could shape the cryptocurrency's near-term trajectory.