Bitcoin Faces Potential Drop to $62K as Analysts and On-Chain Metrics Flash Warning

Veteran traders and on-chain analysts now warn that Bitcoin could face a deeper correction, with downside targets stretching as low as $58,000–$62,000. Notably, Bitcoin slid back to the $91,000 range after breaking multiple key support levels, as risk-off sentiment, whale liquidations, and broader market pressure weighed on prices.

The latest decline follows Bitcoin’s failure to hold above the $100,000 psychological level, a move that has shifted market sentiment sharply bearish.

Analysts Warn of Deeper Bitcoin Price Crash

Veteran trader Peter Brandt maintains a bearish outlook and expects Bitcoin to fall into the $58,000–$62,000 range. He noted that the lower end of his target sits just above Bitcoin’s realized price and its 200-week moving average, levels often tested during major market corrections.

Brandt shared a daily Bitcoin price chart showing a pattern similar to the October crypto market crash. “The chart shows a clear pattern repetition,” Brandt said, warning that Bitcoin still has “plenty of room to fall” after breaking major support.

Other analysts share similar views. Ali Martinez highlighted that Bitcoin’s current structure resembles its 2022 market cycle. He argued that Bitcoin often follows historical patterns and said the setup points to a “major price crash ahead,” with some downside targets near $66,000.

Meanwhile, analyst Cheds Trading identified a bear flag breakdown on the four-hour chart. He emphasized that $90,400 remains a critical support level, adding that a sustained move below it could accelerate losses.

On-Chain Data Shows Whales Selling and Realized Losses

On-chain data also reinforces the bearish narrative. Short-term holders and whales sold aggressively after Bitcoin failed to stay above $97,000. The recent bounce relied mainly on derivatives activity and short liquidations, not fresh spot demand from large investors.

Julio Moreno, head of research at CryptoQuant, said Bitcoin holders have started locking in losses.

“The 30-day realized net profit and loss has turned negative for the first time since October 2023,” Moreno said, signaling growing stress among holders.

Furthermore, Onchain Lens also added that whales have opened new short positions. One major whale, labeled “255 BTC Sold,” exited long positions in BTC, ETH, SOL, and DOGE, realizing a $2.64 million loss.

Glassnode noted that Bitcoin has slipped into the low-$90,000 range, with momentum cooling but still above neutral. The firm expects consolidation rather than a full trend breakdown.

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