Питер Брандт открывает короткую позицию по биткоину на фоне пессимизма на рынке Translation: Peter Brandt Opens Short Position on Bitcoin Amid Market Pessimism

On the chart of the leading cryptocurrency, a «megaphone» pattern has emerged—this typically signals a potential decrease in the asset’s price, according to technical analyst Peter Brandt.

Based on his observations, the expert has opened a short position on Bitcoin futures. He emphasized, however, that he remains bullish on digital gold in the long term and continues to hold it in his portfolio.

As of the time of writing, the first cryptocurrency is trading at approximately $110,000. Over the past 24 hours, the coin’s price has dropped by 0.3%.

On October 30, Bitcoin’s price fell to $106,000. According to Santiment, this has diminished investor confidence in a market recovery occurring soon. Many anticipate a correction below the $100,000 mark.

The Fear and Greed Index stands at 29, indicating a predominance of pessimistic sentiment. The index has decreased by five points within a day.

Earlier, analysts at Glassnode noted the possibility of a decline to $88,000. To avoid this scenario, they stated that Bitcoin needs to stabilize above $113,000.

However, according to specialists at Santiment, the market «often moves against the expectations of the majority.»

«The current peak of pessimism creates conditions for a recovery rally—a classic case where maximum fear precedes a trend reversal,» the experts added.

On October 29, the Federal Reserve cut the key interest rate by 25 basis points for the second consecutive time, bringing it to 3.75-4%. Leading up to the FOMC meeting, analysts speculated about the potential for a new Bitcoin rally.

The following day, U.S. President Donald Trump, whose decisions significantly impact the crypto market, announced a reduction in import tariffs from China.

Meanwhile, trading of spot exchange-traded funds based on a variety of altcoins launched in the United States.

Despite this positive news, neither the leading cryptocurrency nor the broader crypto market responded favorably. Analysts from XWIN Research Japan identified a significant factor behind this behavior as the decline in institutional demand.

They pointed to the Coinbase Premium Gap indicator, which reflects the price difference between Coinbase and other exchanges, now in the negative range.

«This traditionally signifies a decrease in buying activity from American institutional investors. Historically, a negative premium often precedes short-term market corrections,» explained XWIN Research Japan.

Additional reasons cited include:

Trader Miles Deutscher noted that corporate treasuries are exerting additional pressure by selling assets to stabilize their Net Asset Value (NAV). There has also been a drop in demand for spot Bitcoin ETFs.

He highlighted the event of «Black Saturday,» October 11, which undermined trust in the crypto industry and drove away retail investors.

Nonetheless, analysts at XWIN Research Japan characterized the current correction as «normal,» insisting that mid-term prospects are optimistic.

Michael van de Poppe, founder of MN Trading, believes that Bitcoin needs to surpass the $112,000 mark for a new rally to begin and potentially set a new all-time high (ATH).

«At this stage, the asset has indeed reached a support level. If it breaks through this boundary, the next target will be $103,000 or even lower,» he warned.

However, van de Poppe expects that digital gold will reach a new historical peak in November.

For the first time since 2018, Bitcoin is finishing October «in the red.» Analyst known as Crypto Rover pointed out that the last time a similar situation occurred, the leading cryptocurrency dropped by 36% in November.

Investor Timothy Peterson disagreed with this interpretation, stating, «a weak October means nothing,» but often growth does «indeed slow down.»

«The average three-month return for Bitcoin following a weak October is 11%, while after a strong October, it is 21%,» he noted.

Lastly, analyst under the pseudonym Crypto Dan predicted the end of the correction and the start of an altcoin rally.