Leading cryptocurrency Bitcoin and altcoins started the week in which critical economic data will be announced with a decline.
While BTC is approaching the $80,000 limit, there were also significant declines in altcoins, especially Ethereum (ETH).
At this point, despite the positive news coming from the US front, Trump’s actions regarding crypto have become increasingly secondary to cryptocurrencies as tariff war fears accelerate.
Bitcoin Could Drop to $75,000!
While analysts predict that the decline could deepen even further, BitMEX co-founder Arthur Hayes described the latest situation as an “ugly start” and shared his expectations.
Hayes predicted that Bitcoin would retest $78,000, adding that if BTC fails to maintain this level, the next target would be $75,000.
“Ugly start to the week. Looks like BTC is going to retest $78k. If it fails, next target is $75k.”
As you may recall, Arthur Hayes predicted in late January that Bitcoin would return to $75,000 before reaching $250,000 this cycle.
Bear Flag in Bitcoin!
Apart from Hayes, analyst Peter Brandt, who has 50 years of experience, also stated that there could be a further decline in Bitcoin.
Brandt shared a technical analysis that suggests that Bitcoin’s recent price action confirms a bearish trend.
The analyst shared three criteria that point to further downward pressure when looking at the BTC chart.
“1-The market is completing a double top.
2-Retested by the flag at the top.
“3-Flag completed, Bitcoin (BTC) confirms bearish chart.”
Brandt lastly argued that in order for the Bitcoin price to turn positive, it needs to regain $95,321, which is the top of the pennant pattern that he marked as 2 on the chart.
1. Market completes double top
2. Top retested by pennant
3. Pennant completed, confirms bearish chart
Bitcoin $BTC
Don’t shoot the messenger
Price must recapture #2 to turn positive pic.twitter.com/PE9jlwYIiO— Peter Brandt (@PeterLBrandt) March 9, 2025
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/what-is-the-latest-situation-in-bitcoin-bearish-or-bullish-analysts-evaluated/