Peter Brandt lowers Bitcoin target price to $54,000, will the market face a deeper correction?

February 2 News, Bitcoin continued its decline trend, briefly falling to $74,500 today, hitting a new low since April 2025. With macro uncertainties, geopolitical tensions, and liquidity tightening coexisting, market sentiment has noticeably weakened. Senior trader Peter Brandt recently lowered his Bitcoin price forecast, adjusting the potential target from $58,000 to approximately $54,000, drawing market attention.

In a daily chart shared on social media, Brandt pointed out that if Bitcoin loses the key support zone formed last year, it may first retest the $66,500 level in the short term. If this area is broken again, the next significant technical level will be around $54,000 to $55,000. This indicates that compared to recent highs, Bitcoin may still have considerable downside potential.

He also mentioned the shareholder risks of Bitcoin treasury company Strategy (formerly MicroStrategy), implying that if Bitcoin continues to weaken, the financial health and valuation of related companies will be under pressure. Besides Bitcoin, Brandt warned that the overall market capitalization of the crypto market has fallen to about $2.55 trillion. If selling pressure persists, it could further slide to around $2.41 trillion.

From the market perspective, Bitcoin’s price has dropped over 5% in 24 hours, with trading volume also declining, indicating cautious capital flow. In the derivatives market, open interest continues to decline, and the passive reduction of leveraged longs is still happening. Meanwhile, gold, silver, and US tech stock indices have also experienced significant pullbacks, reflecting a synchronized pressure on global risk assets.

On the macro level, the US government shutdown, divergence in monetary policy outlooks, and rising risk aversion have all exerted external pressure on Bitcoin. Several analysts believe that the short-term trend still depends on liquidity changes and the pace of market confidence recovery. If key support levels cannot hold, Bitcoin may enter a deeper correction phase, and investors should closely monitor subsequent macro and on-chain data changes.