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Trader Peter Brandt: Bitcoin may bottom out at $60,000

 famous trader and chart analyst Peter Brandt predicts that Bitcoin may fall to $60,000 based on the power law model chart from the technical analysis company JDK Analysis.

According to Cointelegraph analysis, the weekly chart of BTC confirms a descending wedge pattern, with the price previously losing support from the trend line at $114,550. Bulls are currently trying to keep the price above the 50-week Simple Moving Average (SMA), which is currently at $103,300.

Other key support levels are the psychological level of $100,000 and the 100-week moving average of $82,000. If the weekly closing price of Bitcoin falls below this range, Bitcoin will move towards the wedge target price of $72,000, a 30% drop from the current price.

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