The crypto market has entered a sharp corrective phase, dragging the cryptos from the recent highs. As predicted, the Bitcoin price dropped to $75,000 in early February as the selling and liquidations reached peaks. Initially, it appeared to be a routine pullback, which further transformed into a broader sell-off. This is reflecting the weakening prices, fading momentum, and rising volatility across the market.
Investor sentiment has turned cautious as key technical levels come under pressure, prompting traders to reassess near-term expectations. With Bitcoin acting as the market’s anchor, its decline has amplified downside moves across the crypto ecosystem, setting the stage for a critical period ahead.
According to veteran trader Peter Brandt, the daily Bitcoin chart is showing a decisive structural breakdown rather than a routine pullback. The price has slipped below a rising consolidation channel that previously acted as a pause within a broader downtrend. This breakdown is accompanied by continued rejection near the declining moving average, reinforcing bearish control.
Brandt highlights that failed recoveries and lower highs suggest distribution rather than accumulation. Based on the measured move from the pattern, the chart points toward a potential downside extension toward the $54,000 zone, with limited intermediate support visible. Unless Bitcoin swiftly reclaims the broken structure, the technical bias remains tilted firmly to the downside.
Bitcoin remains under firm bearish control after losing the $78,000–$80,000 support zone, with price now trading below its short-term and medium-term moving averages. As per the chart shared by Peter Brandt, the confirmed breakdown from the rising consolidation structure opens downside risk toward $66,500 as an interim support, followed by the major bearish target near $54,000 based on the measured move.
On the upside, Bitcoin (BTC) price must reclaim $83,500–$85,000 on a daily closing basis to invalidate the bearish setup. Until that happens, any bounce toward $80,000–$82,000 is likely to be corrective, keeping the broader bias tilted toward further downside extension.
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