Peter Brandt Warns Bitcoin Could Drop to $58K–$62K Next

Bitcoin is trading near $90.8K as Peter Brandt targets $58K–$62K after the breakout, while CME gaps and on-chain losses suggest caution.

Bitcoin (BTC) remains under selling pressure after missing key technical support. Veteran trader Peter Brandt has warned that the existing structure is still pointing downwards. His focus is $58,000–$62,000, which he considers the next big area to watch after the recent split.

Peter Brandt Indicated $58K–$62K

Peter Brandt wrote that “$58k to $62k is where I think it’s going,” he maintained his view on Bitcoin. He shared a chart that shows an extended high pattern, also known as a megaphone setup.

After that drop, Bitcoin bounced back to $102,200. However, the move failed to regain lost support and was reversed, fitting the definition of a bearish retest. Brandt’s downside is also sitting near $58,840, which is similar to his target range of $58,000–$62,000.

$58k to $62k is where I think it’s going $BTC
If it doesn’t go there I will NOT be embarrassed, so I don’t need to see you take a screenshot next time
I’m wrong 50% of the time. I don’t mind being wrong pic.twitter.com/NDOuSrqLwa

— Peter Brandt (@PeterLBrandt) January 19, 2026

Bitcoin reached $126,000 in early October 2025 before retreating slightly. The decline confirmed the completed higher structure and pushed BTC down to the November low. It later stabilized and moved to an ascending channel, but the recirculation did not remove the significant ceiling.

Notably, two resistance levels remain centered at $98,950 and $102,200. Bitcoin has struggled to close above both areas. As long as the property remains under them, buyers face difficult recovery methods.

Meanwhile, the ADX (14) is sitting near 33, indicating a strong trend area. With Bitcoin still trading below key moving averages, the reading supports the view that traders are still in control of the broader movement.

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Bitcoin is trading near $91,000 at press time, down about 2% over 24 hours and 1% over the past seven days. The trading volume is more than 38 billion dollars. Renewed geopolitical tensions and tax talks from US President Donald Trump have added pressure on commodity risks, including Bitcoin.

CME Gaps and On-Chain Loss Indicators

Short-term sellers are also watching for gaps in the CME price that formed around $93,000. Analyst CW said “the new CME gap is about $93,000,” adding that BTC may “first fill the CME gap at about $88.2k, then the CME gap at $93k.” That view points to a sink-and-recovery scenario when buyers protect the bottom.

On-chain data adds another layer of concern. CryptoQuant head of research Julio Moreno said that Bitcoin owners are now seeing losses, as the 30-day Reased Net Profit/Loss turned negative for the first time since October 2023.

Bitcoin owners saw a loss, for a period of 30 days from, in late December for the first time since October 2023. pic.twitter.com/OGsPYm8714

— Julio Moreno (@jjcmoreno) January 20, 2026

Another CryptoQuant analyst, MorenoDV_, also pointed to a possible change in sentiment based on the trend of the Fear & Greed Index. The analyst said the 30-day moving average crossed above the 90-day moving average for the first time since May 2025, describing it as a setup where “short-term sentiment is developing faster than the broader base.”

However, the analyst cautioned that the signal works best as a confirmation and not a trigger. If the short-term average fails to hold above the long-term line, it may suggest that “optimism lacks depth and conviction” during a weak market phase.