Veteran trader Peter Brandt declares Bitcoin’s price chart as bearish, following a drop to $80,000 due to geopolitical factors. Brandt identifies key formations indicating potential risk, while Geoffrey Kendrick sees a chance for a positive breakout if tariff tensions ease. Current trading sits at $82,500, with Brandt warning of risks if breakout does not occur.

Peter Brandt, a veteran commodities trader, has recently characterized the Bitcoin price chart as firmly bearish. This analysis comes on the heels of a significant decline in Bitcoin prices to approximately $80,000 amid ongoing geopolitical uncertainties, which overshadow support from the White House. Major concerns include President Donald Trump’s tariff policies, the ongoing Russia-Ukraine conflict, and government spending reductions, all of which have negatively impacted traditional risk markets.

On March 9, Brandt noted that Bitcoin formed a double-top pattern on its daily chart since mid-December 2024, alongside a pennant formation that began in late February 2025. A double-top is generally understood to signify a price reversal or bearish continuation, while the pennant indicates a continuation pattern. For Bitcoin to shift to a more positive outlook, Brandt emphasized that it must surpass the pennant’s upper boundary, approximately at $95,000.

Conversely, Geoffrey Kendrick, the Head of Digital Assets Research at Standard Chartered, sees potential for a positive turnaround. In a note from March 7, he suggested that Bitcoin might soon break out of the $80,000 to $95,000 range, especially with a potential easing of tariff-related tensions. Kendrick expressed optimism by recommending to “Buy weekend dip caused by lack of news from Trump tonight, look for a breakout of the top of this range soon (especially if the tariff noise can slow down for a while).”

However, Brandt warned of potential risks, suggesting that Bitcoin could fall to $75,000 if a breakout fails to materialize soon. As of the latest updates, Bitcoin has managed to recover some losses, trading at $82,500 by the time of writing.

In summary, Peter Brandt has indicated a bearish trend for Bitcoin based on its price chart and recent developments in geopolitical contexts. While he highlights the need for Bitcoin to breach the $95,000 threshold to negate this bearish sentiment, Geoffrey Kendrick offers a counterpoint suggesting a possible positive shift. Investors are encouraged to remain vigilant, as the situation remains fluid and could lead to significant price volatility.

Original Source: thecryptobasic.com

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