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Veteran trader Peter Brandt warned that Bitcoin’s current pullback is not over yet, noting that the recent downward wave could open the way for further losses.
After a sharp market drop on January 31, which saw Bitcoin prices rise to a range around $77,000, Brandt said:
An inspector will come and collect your ticket… to make sure you are on the right train.
Gugu Bitcoin.
Power law indicator:
Brandt included a long-term monthly chart of Bitcoin against the US Dollar in his forecast, using the “Bitcoin Power Law V2.0” indicator, which shows the market cycle since 2012 within a broad logarithmic growth channel that includes major areas of price movement.
According to the chart, Bitcoin price recently tried to push towards $98,000, but was subsequently strongly rejected.
The model also pinpoints areas historically seen as long-term buying opportunities, roughly between $37,000 and $62,000, in addition to an intermediate trendline that acts as a fair value magnet and attracts price toward its long-term average.
January 2026 Candlesticks and Sell Signals:
Brandt noted that the January 2026 candlestick appears concerning as it peaked at $97,939 and bottomed at $75,555.
The longer upper tail reflects significant selling pressure and a failure to maintain momentum near the psychological $100,000 mark.
According to his interpretation, the $58,000 target corresponds to a return to the mean within the channel, as a drop to the middle could bring the price back to the $58-60,000 range.
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