Bitcoin Price Crash to $75,000 Imminent Ahead of US CPI Data This Week?
Highlights
- Veteran trader Peter Brandt highlights a bearish pennant pattern and a double top formation in Bitcoin price chart.
- Support at $81,513 appears fragile, with potential targets of $78,000 or $75,000.
- Institutional interest in Bitcoin continues to wane, with $799 million in net outflows from Bitcoin spot ETFs last week.
- February’s U.S. consumer price data (CPI) is expected to reflect gradual progress in controlling inflation.
Bitcoin price faces yet another 4.5% drop hitting the lows of $80,350 earlier today amid the bearish market sentiment ahead of the US CPI data release this week. The crypto market downturn in the past 24 hours has wiped out over $170 billion in investor wealth, with analysts forecasting further losses ahead.
Will Bitcoin Price Crash to $75,000?
Bitcoin price has once again come under heavy selling pressure, facing strong rejection at $92,500 and extending weekly losses to more than 11.15%. Popular crypto analyst Ali Martinez noted that over $1 billion in Bitcoin (BTC) long positions were liquidated today. The massive liquidation highlights the intense market volatility currently impacting the cryptocurrency sector.
Bitcoin Forms a Bearish Pennant Says Peter Brandt
Veteran trader Peter Brandt has shared a technical analysis suggesting the recent Bitcoin price action confirms a bearish outlook. In the latest chart structure, Brandt has identified three critical technical developments hinting at further downside pressure.
- Market completes double top.
- Top retested by pennant.
- Pennant completed, confirms bearish chart Bitcoin (BTC).
The analysis highlights a double top formation with peaks reaching approximately $108,100, followed by a bearish pennant pattern. According to Brandt, Bitcoin made a “deep retest” of its previous high near $95,321 before breaking down through the pennant formation.
The chart also indicates that Bitcoin price found temporary support at $81,513 following the breakdown, but the completion of the bearish pattern suggests further downside potential. Former BitMEX CEO Arthur Hayes also believes that there could be more pain left ahead for BTC. He wrote:
“An ugly start to the week. Looks like $BTC will retest $78k. If it fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k, if we get into that range it will be violent”.
Will BTC Enter Bear Market After US CPI?
Several market analysts believe that Bitcoin is finally entering a bear market as market sentiment deteriorates despite the launch of the Bitcoin Strategic Reserve. Furthermore, the initiative has revealed an apparent lack of intent to purchase anything beyond seized BTC.
On the other hand, institutional demand for Bitcoin has dried up significantly, as evident by the massive outflows from Bitcoin ETFs. Between March 3 and March 7 (ET), Bitcoin spot exchange-traded funds (ETFs) experienced significant outflows, signaling waning investor sentiment in the market. Data shows a net outflow of $799 million during the period, with Fidelity’s Bitcoin ETF (FBTC) accounting for $201 million of the total.
All eyes will be on the US CPI data for February coming this week, ahead of March 12. February’s U.S. consumer price data is expected to reflect gradual progress in controlling inflation, a key concern for Federal Reserve policymakers. The central bank may opt to maintain a cautious stance, monitoring the broader economic landscape amid evolving fiscal policies.
According to projections, the Consumer Price Index (CPI) excluding food and energy likely increased by 0.3%, as per a Bloomberg survey of economists.
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