Bitcoin has recently experienced a significant drop of over 4%, falling from weekly highs of $89,000 and currently trading at around $86,000.

HTL-NL's chart shows a descending trendline created since the January peak, indicating a bearish setup with lower highs.

Additionally, the Stochastic Relative Strength Index (Stoch RSI) suggests weakening short-term momentum, hinting at an imminent price pullback.

A decline to $70,000 would establish it as a crucial support level, significantly impacting market sentiment and investor strategies.

Despite the current bearish sentiment, there remains an underlying optimism in the industry that Bitcoin can recover and gain strength after price corrections.

This prediction aligns with a Wyckoff analysis by renowned cryptocurrency analyst HTL-NL, who suggests that Bitcoin could drop to $70,000.

Brandt's warning encourages Bitcoin holders to exercise caution, as such a decline could lead to significant investment losses.

The Wyckoff Method indicates an impending correction for Bitcoin, as the market currently appears bearish.

Veteran trader Peter Brandt has issued a bearish outlook for Bitcoin, predicting a potential decline to the low $70,000s, which would represent a 15% loss from its current price.

The analysis points to Bitcoin entering a Bearish Phase D, following the formation of Last Points of Supply (LPSY) and a significant Selling Off Wave (SOW).

Supporting the bearish outlook, analyst Benjamin Cowen has highlighted a potential death cross on Bitcoin's daily chart, which often precedes local lows.

However, Brandt notes that if Bitcoin rises above $91,000, this bearish scenario could be invalidated, allowing for a more bullish outlook.