Bitcoin Could Drop 30%+ Amid Whale Moves
Posted: Mon Jan 19, 2026 11:47 pm
Veteran trader Peter Brandt has issued a bearish Bitcoin outlook that’s getting a lot of attention. According to his recent post on X (formerly Twitter), Brandt believes Bitcoin might correct down to roughly $58,000–$62,000, which would be a 30 %+ decline from current levels. His analysis is primarily based on a rising wedge chart pattern, a technical indicator that often precedes downside moves. Brandt emphasized that while technical patterns don’t guarantee outcomes, this setup historically signals fading momentum.
A rising wedge forms when price action is squeezed between two upward-sloping but converging trendlines. Usually this suggests buying interest is weakening even as price climbs. Brandt stated plainly:
“58k to $62k is where I think it is going BTC.”
What’s making this forecast even more significant is the recent whale activity on-chain. Long-inactive Bitcoin whales have begun moving large amounts of BTC after years of dormancy — including one early holder shifting nearly a thousand coins. These moves often precede major shifts in market sentiment because they can signal profit taking or strategic repositioning at high levels.
At the same time, Brandt openly admits he can be wrong — about half his calls don’t play out — which shows he’s not dogmatic about this view. Still, the mix of technical caution plus whale movements adds a layer of uncertainty to BTC’s near-term direction that many traders are watching closely.
In short, Brandt’s forecast isn’t a guaranteed crash call, but it’s a cautious warning signal that risks could be rising before the next potential leg higher.
A rising wedge forms when price action is squeezed between two upward-sloping but converging trendlines. Usually this suggests buying interest is weakening even as price climbs. Brandt stated plainly:
“58k to $62k is where I think it is going BTC.”
What’s making this forecast even more significant is the recent whale activity on-chain. Long-inactive Bitcoin whales have begun moving large amounts of BTC after years of dormancy — including one early holder shifting nearly a thousand coins. These moves often precede major shifts in market sentiment because they can signal profit taking or strategic repositioning at high levels.
At the same time, Brandt openly admits he can be wrong — about half his calls don’t play out — which shows he’s not dogmatic about this view. Still, the mix of technical caution plus whale movements adds a layer of uncertainty to BTC’s near-term direction that many traders are watching closely.
In short, Brandt’s forecast isn’t a guaranteed crash call, but it’s a cautious warning signal that risks could be rising before the next potential leg higher.