Bitcoin Price Analysis: Descending Wedge Targets $72K as Peter Brandt Hints at a $60K Bottom
BTC/USDT
$17,366,629,629.18
$71,554.95 / $68,531.50
Change: $3,023.45 (4.41%)
-0.0023%
Shorts pay
COINOTAG News, November 4, reports that renowned trader and chart analyst Peter Brandt, citing a power-law model from JDK Analysis, has flagged a potential Bitcoin bottom near $60,000. The stance underscores how historical fractals and risk workflows shape current market expectations for crypto traders.
According to Cointelegraph‘s technical review, BTC‘s weekly chart displays a descending wedge pattern, with price previously breaking below the pattern’s trendline around $114,550. Bulls are actively defending the 50-week SMA near $103,300 as near‑term momentum remains in focus.
Additional support sits near the psychological level of $100,000 and the 100-week moving average around $82,000. If the weekly close slips through this region, the wedge projection points toward roughly $72,000, implying a potential 30% drawdown from today’s levels.