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Veteran trader Peter Brandt pointed to a potential sell signal for Bitcoin, which could lead to its price collapsing to $60,000. This comes amid ongoing downside pressure on the leading digital currency amid uncertainty regarding peace talks between the United States and Iran.

Brandt indicates a sell signal that could cause Bitcoin's price to drop to $60,000
In a post on X platform, the veteran trader mentioned that Bitcoin is preparing to show a sell signal in the form of an ascending wedge. The attached chart shows the $60,000 level as one of the levels the leading cryptocurrency might fall to during this bearish phase. The last time Bitcoin dipped to this level was on February 6, and since then, it recovered to reach $76,000 despite the Iran conflict. His bearish outlook on Bitcoin hints at a potential major crash. He noted that Bitcoin adheres to classical chart patterns better than most markets, suggesting that this bearish scenario could materialize easily. He identified the $49,000 level on the chart, indicating that Bitcoin could decline to this level, potentially representing the lowest point for the leading digital currency.

It is worth noting that the veteran trader had previously predicted Bitcoin's price would fall below $50,000 amid the ongoing bear market. His latest analysis comes amid downside pressures facing Bitcoin due to the Iran conflict and the uncertainty surrounding peace negotiations.

Bitcoin's price today fell below $66,000, recording a decline of over 4% during the day. Notably, Trump's decision to delay strikes against Iran was not enough to calm the markets, leading to this recent crash in Bitcoin's price.

Conflicting statements from both sides are fueling the uncertainty, as Iran announced today that the Strait of Hormuz remains closed, just one day after Trump stated that Iran allowed 10 oil tankers to pass through the strait as a gesture of goodwill.