Brandt Agrees As Wyckoff Analysis Targets Bitcoin Drop to $70,000

Amid the ongoing market uncertainty, Bitcoin might be at risk of dropping to new yearly lows, according to a Wyckoff analysis.

Renowned Netherlands-based cryptocurrency analyst HTL-NL has forecasted a potential decline in Bitcoin’s price to the $70,000 mark, according to a recent chart analysis.

Leveraging the Wyckoff Method, a framework for identifying market cycles through supply and demand, HTL-NL’s commentary calls attention to important patterns and structures that signal an impending correction for the leading cryptocurrency.

Wyckoff Analysis Shows Bitcoin is Currently Bearish

Data from the accompanying daily chart reveals that Bitcoin embarked on a robust uptrend, or markup phase, starting around $67,000 in late 2024. This phase began on the back of the November 2024 elections in the United States.

The upward trajectory pushed the price to a peak of $108,000 in December 2024, marking a 61% gain. Despite witnessing its buying climax (BC) at this level, which led to sharp declines, BTC recovered to reach a new peak above $109,000 during an upthrust (UP) in January 2025.

Notably, in Wyckoff analysis, such an upthrust (UP) typically represents a false break above a major resistance. Accordingly, the chart indicates that Bitcoin has since entered a critical juncture, with the price pulling back to the $80,000 range at press time.

Following the upthrust, Bitcoin formed several Last Points of Supply (LPSY) as it retested previous support regions that acted as resistance on Jan. 30, Feb. 21, and March 2. Due to the LPSY and the formation of the Major SOW, data indicates BTC has entered the Bearish Phase D.

Bitcoin Forms Descending Trendline and Rising Wedge

One major structure in HTL-NL’s chart is the descending trendline that has formed since Bitcoin hit $109,000 during the upthrust. Notably, this bearish setup features lower highs along a downward-sloping resistance line.

Notably, amid the ongoing recovery effort that began in mid-March, Bitcoin formed another bearish structure in the form of a rising wedge as it pushed toward retesting the resistance at the downward trendline.

Moreover, the condition of the Stochastic Relative Strength Index (Stoch RSI) points to a bearish setup. For context, the K line recently dropped below the D line, indicating that the short-term momentum is currently weakening. This typically points to an imminent pullback.

This momentum oscillator suggests that Bitcoin’s rapid ascent has left it vulnerable to a correction, particularly as it struggles to break through the resistance line. A failure to surpass this barrier will likely drive the price down to the $70,000 support zone, representing a new yearly low which BitMEX founder Arthur Hayes had projected.

Other Market Veterans Agree

Responding to the recent analysis, veteran commodities trader Peter Brandt stressed that the projection seems logical.

This is not an unreasonable expectation https://t.co/8LRVBjBv2A

— Peter Brandt (@PeterLBrandt) March 28, 2025

According to Brandt, a prediction of a Bitcoin drop is not an “unreasonable expectation,” given the current market conditions. Earlier this month, Brandt had confirmed that Bitcoin’s chart was bearish following the formation of a double top pattern.

Meanwhile, in a more simplified analysis, market veteran Benjamin Cowen, founder of Into The Cryptoverse, also suggested a potential Bitcoin drop. He called attention to a potential death cross on the daily chart where the 50-day MA moves below the 200-day MA.

According to Cowen, BTC typically forms local lows whenever a death cross emerges. Currently, Bitcoin changes hands at $86,000, down 1.42% over the past 24 hours. Despite the bearish outlook, the asset maintains 2% weekly gain.