Oh, hello there! If you thought Bitcoin’s price action was a rom-com, brace yourself-it’s turning into a tragic drama. Veteran trader Peter Brandt, the financial equivalent of a psychic medium, has declared BTC’s next destination: the “magical” $58K-$62K range. Because nothing says “confidence” like predicting a 50% drop and shrugging it off with a “so what?”
Brandt’s chart analysis? A masterclass in doom. He’s spotted a “broadening top” pattern, which basically means Bitcoin’s throwing a party where everyone’s invited… except buyers. The price slipped below support like a contestant on a reality show, and now we’re all just waiting for the next elimination. Spoiler: It’s not pretty.
“58k to $62k is where I think it is going $BTC. If it doesn’t go there, I will NOT be ashamed,” he said, because nothing says “reassurance” like a 50% error margin. #CryptoZen
– PeterLBrandt (@PeterLBrandt) January 19, 2026
Bitcoin peaked at $126K in October 2025, then promptly fell off a metaphorical cliff. Now it’s stuck in a “rising channel” like a contestant in a cooking show who forgot the recipe. Resistance levels? They’re just fancy red lines taunting bulls. And let’s not forget the ADX reading of 33, which is basically a thumbs-up to the bear market. 🐻
Meanwhile, the CME gaps are forming like plot twists in a Netflix series. Analyst CW is suggesting BTC might “fill the gap” at $88.2K first, which sounds suspiciously like a plan to test our patience. And on-chain data? Oh, it’s negative for the first time since October 2023. Cue the sad trombone. 🎺
“Bitcoin holders realizing losses… since late December. First time since October 2023,” Julio Moreno tweeted, because nothing says “bull market” like a 30-day profit/loss report that makes you want to hug your savings account.
– Julio Moreno (@jjcmoreno) January 20, 2026
The Fear & Greed Index is also throwing shade. Short-term sentiment crossed above the long-term average, which sounds hopeful until you realize it’s like a breakup text: “I’m moving on, but I’m still sad.” And if the trend reverses? Well, that’s just crypto’s version of a “yo-yo diet.” 📉
So, where is Bitcoin now? Around $91K, down 2% in 24 hours. Trading volume? A healthy $38B. And yes, Trump’s tariff theatrics are doing their best to make risk assets sweat bullets. But hey, at least we’re not in a bear market alone-everyone’s a critic when the market’s crying. 🐯
Final thoughts? If you’re holding BTC, consider this your reminder that “HODL” is just a fancy word for “hope.” Or, as Brandt would say, “I’m wrong 50% of the time. So what?” 🤷♀️
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2026-01-20 22:14