u.today
01 February 2026 12:37, UTC
Veteran proprietary trader Peter Brandt has warned Bitcoin bulls that the cryptocurrency’s current correction is far from over.
Following the brutal Jan. 31 market flush that saw Bitcoin tumble to the $77,000 range, Brandt took to X (formerly Twitter) to identify his downside target: "58th Street."
"The conductor will be coming through the train collecting tickets so make sure you are on the right train. Choo choo $BTC," he quipped.
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Brandt accompanied his prediction with a long-term monthly chart of Bitcoin against the U.S. Dollar, utilizing a "Bitcoin Power Law V2.0" indicator.
The chart provides a high-level view of Bitcoin's market cycles dating back to 2012.
The chart depicts Bitcoin trading within a massive logarithmic growth channel defined by three key zones:
The current price action shows Bitcoin recently attempting to push into this zone near $98,000 before being sharply rejected.
Currently sitting around the $37,000–$62,000 range, this band has historically marked generational buying opportunities.
A central trendline that acts as a "fair value" magnet for the price.
The monthly candle for January 2026 is particularly ominous. The chart data highlights a massive red candle with a high of $97,939 and a low of $75,555. This "wick" at the top indicates heavy selling pressure as Bitcoin failed to sustain momentum near the $100k psychological barrier.
Brandt’s $58,000 target appears to align with a reversion to the mean. On the chart, a pullback to the middle of the channel would bring Bitcoin back down toward the $58k–$60k region.
