Bitcoin threatens to collapse to $58,000, crypto market in turmoil?

Updated

November 21, 2025

Gambar Bitcoin threatens to collapse to $58,000, crypto market in turmoil?

Jakarta, Pintu News – Peter Brandt, a prominent analyst, recently predicted that Bitcoin will experience a sharp drop to $58,000. This prediction comes on the heels of the market continuing to show declines for eight consecutive days. Brandt identified the “broadening top” pattern as a key indicator of this decline, signaling the potential for further declines in the near future.

Peter Brandt’s Technical Analysis

Brandt pointed out that Bitcoin has completed a “broadening top” pattern, which usually indicates a possible price drop. This pattern forms when the price reaches progressively wider highs, indicating market uncertainty. According to Brandt, the turning point started on November 11 and has continued without any signs of a strong recovery.

On the chart presented, it is clear that Bitcoin is declining from the consolidation zone that it has been in for several months. Brandt emphasized that the current market conditions are very bearish and could accelerate the decline if market sentiment worsens further. He also highlighted two key support levels, at $81,000 and $58,000, which could be tipping points for investors.

Comparison with Other Crypto Assets

While Bitcoin is on the decline, the latest data from Glassnode shows that almost all other major categories of crypto assets are performing better. These sectors include Layer-1, Layer-2, AI tokens, DeFi assets, and meme coins. This strength is considered unusual given the less-than-impressive performance of altcoins earlier in the year.

This trend suggests that traders are starting to switch from Bitcoin to other altcoins as the market experiences heavy losses. The prediction market also reflects the same bearish tendencies, with Kalshi data showing there is a 44% chance that Bitcoin will fall below $80,000 this year. Higher volatility is expected as traders adjust their positions in the face of a potential new downturn.

Peter Schiff’s Criticism of Bitcoin

Bitcoin has no future. It’s not a good medium of exchange for payments. To the extent you want to use crypto, even @CathieDWood admits stablecoins are better. If you also want a store of value, tokenized gold wins hands down. The race to get out of Bitcoin is on. Don’t be last.
— Peter Schiff (@PeterSchiff) November 19, 2025

Peter Schiff, a vocal Bitcoin critic, is back on the attack claiming that Bitcoin has no future as a payment system. According to him, stablecoins are better suited for the purpose and tokenized gold is superior as a store of value.

Schiff often makes similar comments, especially when the market is experiencing high volatility. Schiff’s latest comments come as Bitcoin prices continue to decline and the crypto market is in a state of extreme fear. His criticism, while not new, comes at a time that increases pressure on an already highly volatile market.

Conclusion

Peter Brandt’s prediction of a Bitcoin price drop and Peter Schiff’s constant criticism add to the uncertainty in the crypto market. Investors and traders are faced with the difficult choice between holding on to their investments or looking for alternatives that may be more stable or promising. Going forward, the market will probably continue to fluctuate while market participants try to navigate through this uncertainty.

FAQ

Why does Peter Brandt predict Bitcoin (BTC) to drop to $58,000?

Brandt based his prediction on the broadening top pattern, a technical pattern that signals the potential for further declines. He sees that the pattern has been forming since November 11 and shows a consistent weakening of the price structure.

When did this Bitcoin decline start?

Bitcoin’s (BTC) significant decline has been visible since November 11, when the price broke out of the long-term consolidation zone. Since then, the market has recorded eight consecutive days of decline.

Why do altcoins seem stronger than Bitcoin right now?

According to Glassnode data, some sectors such as Layer-1, Layer-2, AI, DeFi, and meme coins are performing better as some capital is moving from Bitcoin to altcoins. This shift occurs when traders look for opportunities in other sectors while Bitcoin is under pressure.

What are the main risks if Bitcoin drops to $58,000?

Risks include increased liquidation of leveraged positions, market panic, as well as deeper corrections in typically more volatile altcoins. A drop to those levels could also trigger additional uncertainty in the cryptocurrency market.

Why is Peter Schiff’s comment relevant in this situation?

Schiff is a known critic of Bitcoin (BTC), and his comments come at a time when the market is in extreme fear. His remarks reinforced the already ongoing negative sentiment in the crypto market.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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