Bitcoin May Drop Below $64K as Veteran Warns of Selling

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Bitcoin risks a deeper slide as miners and US spot ETFs cut BTC exposure, adding supply pressure during a fragile downtrend.

Bitcoin price dropped by more than 22.5% in the past week to $69,000 on Thursday, wiping out 15 months of gains entirely. However, the downtrend may not be over, according to veteran trader Peter Brandt.

Brandt says “campaign selling” is pressuring BTC, with miners and ETFs also cutting exposure.

A potential bottom zone is near $54,600–$55,000.

Bitcoin may drop another 10% as miners, ETFs cut BTC exposure
BTC’s decline left behind a sequence of daily lower highs and lower lows. Simply put, the lack of even modest rebounds suggests few traders are stepping in to buy the dip, at least for now.

This structure, according to Brandt, had “fingerprints of campaign selling,” a deliberate, sustained distribution by large institutions, not retail liquidation.


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