February 6 News, as Bitcoin continues to weaken, market anxiety over the “final bottom” of this decline cycle is increasing. Veteran trader and chart analyst Peter Brandt posted on social media that even if Bitcoin experiences sharp retracements like in past cycles, its downside may be limited, with $42,000 potentially becoming an important support zone.
Brandt describes the current trend as a “banana peel decline,” implying a sudden, rapid correction that catches most traders off guard. He believes that similar structures have appeared multiple times in Bitcoin’s history during bear markets, where prices plunge sharply in a short period, then bottom out near key support levels and rebound. For this reason, he judges that this correction may be nearing its end.
Data shows Bitcoin has broken below the $65,000 mark, currently trading around $64,820, down about 8% daily, over 21% weekly, and nearly 30% monthly retracement. Meanwhile, the total market capitalization of global crypto assets has fallen to approximately $2.24 trillion, with short-term risk appetite significantly cooling. Brandt previously adjusted his medium-term target from $58,000 down to $54,000, and now further provides a lower defensive zone, emphasizing that strong support may appear near $42,000.
In a tweet, he stated: “If the market continues to decline like in past bear markets, bulls are unlikely to fall far below $42,000; we are not far from that level.” This zone is also viewed by some technical analysts as the intersection of long-term trend lines and historically dense trading areas.
On the macro level, escalating geopolitical tensions and capital flowing back into traditional safe-haven assets are considered key recent catalysts for selling pressure. Market sentiment has weakened, putting high-volatility assets under greater scrutiny.
For investors, Brandt’s view does not guarantee a reversal but provides a critical reference point. Whether Bitcoin can stabilize within this zone will be an important signal for judging the medium-term trend.
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