Why Bitcoin is Down Today? Peter Brandt’s BTC Price Prediction Amid Market Cool-Down

Following an impressive 30% surge over the past eight days, Bitcoin (BTC) has taken a breather, closing its first bearish day on Tuesday. The flagship crypto ended Monday with a dragonfly Doji candlestick, a sign that Bitcoin’s strong bullish run may be cooling down for now.

Is this for the best? What’s coming next? Read on!

Why is Bitcoin Dropping?

Today, Bitcoin saw a short-term correction after facing resistance at $89,142. The pullback comes on the heels of its recent rally, which drove the price up sharply. Technical indicators, including a possible double-top formation and a declining Relative Strength Index (RSI), hint at a short-term bearish shift.

Still, Bitcoin is widely seen as staying within a longer-term bull market with strong growth potential.

High to Low: Roller-Coaster Ride for Bitcoin!

After rallying to a new all-time high (ATH) of about $89,864 earlier this week, Bitcoin price has since experienced a significant resistance level of around $89,142. From a technical analysis standpoint, Bitcoin price has been forming a potential short-term reversal pattern in the four-hourly time frame.

Read Bitcoin price prediction for 2025-2030 and what experts forecast for its future growth here.

Bitcoin’s midterm bearish sentiment is characterized by a potential double top coupled with a falling divergence of the four-hour Relative Strength Index (RSI). As a result, Bitcoin price is likely to retest the bullish breakout of the previous major resistance around $73.7k.

Despite this midterm correction, Bitcoin’s macro bull trend remains intact. Veteran trader Peter Brandt projects that Bitcoin could reach $134,052 in the short term and possibly hit $327,000 by mid-2025.

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What’s Driving the Crypto Bull Run?

As Coinpedia has revealed earlier, Bitcoin’s price has significantly benefited from the victory of Donald Trump, and other pro-crypto leaders in the United States. Additionally, the ongoing shift in the global economic outlook, triggered by the U.S. Fed rate cuts, has favored the ongoing crypto bullish outlook.

Furthermore, more institutional investors have gone all in on Bitcoin with short-term holders (STH) already aggressively accumulating.

According to the latest market data, the US spot Bitcoin ETF issuers have registered more than $7.9 billion in net cash flow in the past four weeks.

The road to $327,000 may have its twists, but for Bitcoin, the long-term vision stays crystal clear. Up, up, and above!