Bitcoin's ongoing decline is set to continue, according to veteran commodities trader Peter Brandt. Over the past week, Bitcoin has dropped as much as 17% from over $90,000 to around $74,600, influenced by factors like the nomination of former Federal Reserve Governor Kevin Warsh for chair of the central bank, escalating geopolitical tensions, and a partial U.S. government shutdown.

Brandt suggests Bitcoin could fall further, potentially trading between $58,000 and $54,000, which is significantly below its record price of $126,000 in October. His analysis is based on a Bitcoin Power Law chart indicating a support zone between $63,000 and $38,000. He stated on social media, “Next stop is 58th street,” indicating a bearish outlook.

MORE FROM COINTIMES

Trump's New Retirement Plan Aims to Expand Access for Millions

Trump's new retirement plan aims to provide universal savings accounts and government matching, targeting millions without employer-sponsored plans.

Another chart shared by Brandt revealed that Bitcoin had broken out of a bearish channel on January 25, setting a target of $54,000. While discussing potential timeframes for this price drop, he suggested it could occur between August and October. Despite the grim outlook, Brandt noted Bitcoin's possible upside could reach between $226,000 and $341,000 in the long run. Meanwhile, he raised questions about the endurance of investors in the Bitcoin treasury company Strategy, especially as the firm’s holdings faced a downturn during the recent market slump.

The report highlighted that Strategy recently purchased 855 BTC for approximately $75.3 million, increasing its total holdings to 713,502 BTC. Brandt's insights underscore the volatility and uncertainty in the current crypto market. For investors, the challenge lies in navigating these turbulent waters, determining when to hold on or jump ship as prices fluctuate dramatically.