Bitcoin To Fall To $54K? Veteran Trader Questions Whether Strategy Investors Can Hold On

Market Overview - Bitcoin has experienced a significant decline, dropping 17% from over $90,000 to around $74,600 due to market uncertainties including geopolitical tensions and a potential U.S. government shutdown [1] - Veteran commodities trader Peter Brandt predicts that Bitcoin may continue to decline, with a target trading range between $58,000 and $54,000, which represents a decrease of 54% to 57% from its record price of $126,000 in October [2] Price Analysis - Brandt's target of $58,000 is based on a Bitcoin Power Law chart indicating a support zone between $63,000 and $38,000 [3] - A recent daily candle chart shared by Brandt shows that Bitcoin has broken out of a bearish channel, setting a lower target of $54,000 [3] Future Projections - Brandt suggests that Bitcoin could reach its price bottom between August and October, with potential upside targets ranging from $226,000 to $341,000 based on the Power Law chart [5] Company Insights - Strategy (NASDAQ:MSTR), a pioneer Bitcoin treasury company, has seen its Bitcoin holdings briefly go underwater during the recent market downturn [6] - Despite the challenges, Strategy announced the purchase of 855 BTC for approximately $75.3 million at an average price of $87,974 per coin, increasing its total holdings to 713,502 BTC [6]