Veteran traders warn: BTC may fall to $40,000, is this time different?

[Coin World] Veteran trader Peter Brandt recently issued a rather glaring warning.

He pulled out his long-term price channel for BTC that he had researched for many years and came to a conclusion that made many people sweat - the coin price could drop to around 40,000 dollars. The reason? This year's market trend didn't even touch the upper boundary of the cycle, and in the past, whenever this happened, Bitcoin would basically test the bottom support level.

The recent price trend has indeed not been very good. It has slid from around $92,000 all the way down to about $86,000, and the buying power is clearly unable to support it. Brandt bluntly stated that the market has now entered a “risk zone,” and the bullish momentum is continuously weakening.

Of course, technical analysis is always a reference, not a decree. But when an old hand who has been in the industry for decades issues such a warning, it's at least worth keeping an eye on.