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Veteran trader Peter Brandt has dropped a new price rebound target for Bitcoin (BTC) after the coin shed more than 5.2% in the last seven days. Brandt opines that Bitcoin is likely to continue on its bearish momentum unless it can reclaim $93,000 and stabilize above that point.
$93,000 identified as key Bitcoin breakout level
Notably, Brandt relied on technical charts to argue his point. According to him, Bitcoin is in a "bear channel." This is a downward-sloping price range where lower highs and lower lows keep forming. Brandt maintains that Bitcoin's moves in the bear channel have "been completed."
This implies that Bitcoin is likely to continue its bearish momentum or pause before it proceeds in further downward slips. The veteran trader is overall bearish on the outlook for Bitcoin.
However, Brandt noted that for Bitcoin to break out of this bearish momentum, bulls need to support the coin to climb to $93,000. He insists that if BTC fails to breach this level, the current outlook might linger for a while.
Brandt implied that he is willing to change his stance if Bitcoin stabilizes above $93,000, as this would negate the current chart.
Bitcoin, in the last 24 hours, has continued to fluctuate between a low of $86,003.71 and a high of $88,839.22. As of press time, Bitcoin is changing hands at $87,933.88, which represents 0.27% within the same time frame.
The coin’s trading volume has jumped by a massive 188.96% to $47.4 billion. This volume appears to be a reflection of institutional selling. On the Bitcoin exchange-traded funds (ETFs) market, there have been steady withdrawals for five consecutive days.
This has contributed to the price decline seen in the crypto sector as traders and investors are cautious as the bearish trend continues.
Will Bitcoin's price hold under pressure?
Market watchers are now keen on seeing how Bitcoin closes the first month of 2026. If the volatility continues and BTC stays in the red zone, it would mark the fourth consecutive month.
This negative development has not occurred since 2018, which many in the Bitcoin community describe as "crypto winter."
The current downward trend for Bitcoin began in October 2025 after it hit an all-time high (ATH) of $126,198.07. Since then, BTC has slipped downhill, breaching the psychological $100,000 and staying below it for weeks now.
Despite this outlook, renowned author Robert Kiyosaki has expressed indifference about the volatility of Bitcoin. He maintained that the asset will continue to appreciate because the national debt of the United States keeps increasing amid the dwindling purchasing power of the dollar.
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