Veteran trader Peter Brandt warns bitcoin (BTC) could face additional losses. He sees bitcoin sliding to around $58,000 to $62,000, a correction of up to 37 percent from the current price of about $92,400.

BeInCrypto, a blockchain outlet, reported on Jan. 20 that Brandt raised the possibility of a decline on X, formerly Twitter, citing a rising wedge pattern formed over the past two months. A rising wedge shows prices moving between two upward trend lines, with the lower line steepening as momentum weakens, and is generally interpreted as a bearish signal. He said the target range for bitcoin is $58,000 to $62,000.

Brandt acknowledged the limits of technical analysis, adding, "I'm wrong half the time. I don't care if I'm wrong," underscoring uncertainty in market forecasts.

Some analysts, apart from Brandt, say bitcoin's current price action resembles the 2022 bear market. They explained that, as then, a short-term rebound appeared below a horizontal resistance line, followed by a "bull trap" and a sharp drop after breaking a key support line. Their analysis says a similar structure could repeat.

BeInCrypto also presented five key bearish signals for bitcoin, putting more weight on the possibility of a short-term correction. Market outlooks are not all negative, however.

Analyst Ted Pillows said the year-on-year growth rate of U.S. liquidity started rebounding from a low in November 2025, aligning in timing with a local low in bitcoin. He explained, "U.S. liquidity is improving now, and that's why I expect a crypto rally."

Based on the weekly chart, another view says bitcoin is still maintaining a long-term uptrend. It tested the same rising support line three times but has not broken below it, and the recent rebound is seen as showing buying pressure remains in place. As long as it stays above this trend line, the medium- and long-term bullish structure holds, it said.

As the market searches for direction, movements by long-term holders and "OG bitcoin whales" are also being tracked. Lookonchain, an on-chain analytics platform, said a whale inactive for 13 years moved 909.38 BTC worth about $84.6 million to a new wallet. The bitcoin was acquired at under $7 each, implying a return of about 13,900 times.

Another whale recently sold 500 BTC out of 5,000 BTC bought 12 years ago at $332 each, continuing a staggered selling strategy that has run since December 2024. This whale is estimated to have realised more than $500 million in profit so far.

With technical analysis, on-chain data and the macro environment sending mixed signals, bitcoin stands at an important crossroads. A further short-term correction is being raised, but whether a macro tailwind of improving liquidity can lead to a medium- and long-term rally remains to be seen.