Analysts Predict Steeper Bitcoin Fall Amid Rising Fear and Altcoin Strength

Bitcoin is sliding deeper into weakness as market veteran Peter Brandt warns that a confirmed bearish pattern could drag the price toward the $58,000 level. The ongoing downturn comes as traders rotate out of BTC, prediction markets turn increasingly pessimistic, and broader market sentiment shifts into extreme fear.

Brandt, known for his long-term technical insights, says Bitcoin has completed a broadening top pattern—a setup that often precedes a sharper decline. According to him, the reversal began on November 11 and has continued without any signs of recovery, with the market posting eight consecutive days of lower highs. His recent analysis highlights a breakdown from a months-long consolidation range, suggesting intensifying bearish momentum.

Brandt identifies two key support zones: $81,000 and $58,000. While many traders previously planned to accumulate Bitcoin near $58,000, he believes fear-driven hesitation could prevent them from acting when the price actually reaches those levels. The recent crash, which triggered more than $1 billion in liquidations across Bitcoin, Ethereum, and XRP, reflects this hesitation and broader market anxiety.

Market data further reinforces the shift in sentiment. Glassnode reports that nearly every major crypto sector—including Layer-1s, Layer-2s, AI tokens, DeFi assets, and meme coins—is outperforming Bitcoin. This unusual trend follows a long stretch of altcoin weakness earlier this year and suggests traders are reallocating capital away from BTC during the downturn.

Prediction markets echo this bearish tilt. Kalshi data now shows a 44% probability that Bitcoin falls below $80,000 before year-end, signaling growing expectations of heightened volatility and deeper declines.

Meanwhile, long-time Bitcoin critic Peter Schiff reignited his anti-BTC rhetoric, claiming Bitcoin has no future as a payment system and arguing that stablecoins and tokenized gold offer more utility. His remarks resurface frequently during periods of market stress and add additional pressure on sentiment as Bitcoin continues its decline.