Bitcoin (BTC) fell by 4% on March 27, dropping to $66,587, marking the lowest level in two weeks. This movement follows veteran trader Peter Brandt confirming a rising wedge pattern that suggests Bitcoin could slide toward the $60,000 mark.
This decline has occurred amid escalating geopolitical tensions in the Middle East. Oil prices are rising, and risk assets are under pressure in global markets.
Brandt presented a rising wedge, a technical pattern typically associated with downward reversals, in a chart analysis posted on X.
He emphasized $60,000 as a potential downside target and $49,000 as a longer-term bottom range.
Bitcoin last touched $60,000 on February 6 and recovered to $76,000 earlier this month.
A technical pattern that emerged after a two-week correction.
A rising wedge forms when prices converge between two rising trend lines, with the lower trend line having a steeper slope.
Brent pointed out that Bitcoin "follows the rules of classical chart analysis better than most markets," suggesting that this bearish pattern could actually materialize.
He has predicted in the past that Bitcoin could bottom around $60,000 in the third quarter of 2026.
Bitcoin has dropped over 20% since tensions in the Middle East escalated at the end of February. This cryptocurrency traded near its all-time high of $126,000 recorded in October 2025 before plummeting as geopolitical risks increased and institutional funds slowed.
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Geopolitical pressures are increasing downside risks.
US President Donald Trump has threatened to strike Iran's power plants if the Strait of Hormuz is not reopened, and this statement is pushing up oil prices and putting pressure on risk assets, including cryptocurrencies. Iran has vowed to retaliate against US and Israeli targets if its energy infrastructure is attacked.
In the ongoing standoff, Brent crude prices have surpassed $91 per barrel, raising concerns that inflation pressures may rise again.
The yield on US 10-year Treasury bonds has risen to its highest level in 8 months, reflecting expectations of additional rate hikes linked to rising energy costs. Bitcoin tends to correlate with a broad range of risk assets and tends to fall when macro uncertainty increases and liquidity conditions tighten.
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