Bitcoin falls near $74K as Peter Brandt cuts his BTC crash target to $54K amid broad market sell-offs and declining futures open interest.
Veteran trader Peter Brandt has lowered his Bitcoin crash target as the ongoing sell-off deepens.
Bitcoin extended its decline and moved closer to key technical levels, while broader markets also showed weakness during the session.
Bitcoin Sell-Off Pushes Price Toward Key Support
Bitcoin continued its downward move and fell nearly five percent during the latest trading session.
The price dropped toward the $74,000 level, which traders view as a major support zone from earlier market cycles.
Trading data showed weaker demand, while volumes declined alongside the price move.
Market participants linked the pressure to ongoing macro uncertainty and reduced risk appetite.
Bitcoin also moved lower as selling activity increased across equities, metals, and digital assets. This synchronized decline suggested broader market caution rather than asset-specific issues.
Derivatives data pointed to reduced leverage in the market. Futures open interest declined across major exchanges, including CME and Binance.
This decline reflected position closures and risk reduction by traders during the sell-off.
Peter Brandt Revises Bitcoin Crash Target Lower
Peter Brandt shared a revised Bitcoin price outlook after the recent decline. He posted a daily chart and identified $54,059 as a new downside target.
The revised level replaced his earlier projection near $58,000.
Brandt noted that Bitcoin was testing support near its April 2025 low. He stated that a confirmed break below that area could open the path toward lower price zones.
According to the chart, $66,530 remained at an intermediate level before deeper downside.
He also commented on MicroStrategy investors in a social media post. Brandt wrote, “When on this journey will investors want to start jumping from the Sayl_boat?” He added that the company may perform well, while investors face volatility.
Related Reading: Veteran Trader Peter Brandt Says Bitcoin Could Be Headed Towards “$58k to $62k”
Broader Market Weakness Adds Pressure on Bitcoin
Bitcoin’s decline occurred alongside losses in other asset classes. Gold prices fell more than four percent during the session, while silver and major equity indexes also moved lower.
The Nasdaq 100 showed weakness as investors reduced exposure to growth assets.
Market sentiment shifted after reports of a partial United States government shutdown.
Additional focus followed the nomination of Kevin Warsh as the next Federal Reserve chair. Investors viewed the move as supportive of tighter monetary policy conditions.
Spot Bitcoin exchange-traded funds also recorded net outflows. These flows indicated reduced institutional demand during the sell-off.
The global cryptocurrency market capitalization fell toward $2.55 trillion as selling pressure remained steady across major tokens.
Source: https://www.livebitcoinnews.com/veteran-trader-peter-brandt-lowers-bitcoin-crash-target-as-btc-sell-off-deepens/
