The primary reason for the bearish forecast was Bitcoin's recent failure to establish itself above $95,000. For most of last week, the leading cryptocurrency traded in a range of approximately $92,000 to $99,000, with the majority of trading occurring closer to the lower boundary.
This trend prompted Tony Weiss, a derivatives trader and financial educator, to predict that if BTC fails to consistently recover above $95,000, it may face a correction down to $73,000.
Peter Brandt, who was previously a proponent of Bitcoin's strength, has become even more pessimistic, hinting at the possibility that the cryptocurrency's next move could lead to a drop to $70,000.
However, Brandt reaffirmed his long-term optimism and still suggests a potential rise for Bitcoin above $130,000.