Experts warn that the Bitcoin 'party is over', expected to drop to $18,000

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As Bitcoin (BTC) struggles to reclaim the resistance level of $100,000, a market expert warns that the momentum for the asset above this level may have ended, and investors should expect a significant crash.

Notably, after hitting a historic high of over $108,000, Bitcoin is facing ongoing sell-offs, putting the leading digital asset at risk of dropping below $90,000.

In this context, BTC has already encountered a significant psychological resistance at the six-figure price level, triggering the beginning of a potential major correction, according to cryptocurrency analyst MFHoz in a post on X on December 28.

Experts acknowledge that Bitcoin briefly broke through an ascending triangle pattern (typically a bullish pattern), reached a historic high, and then sharply reversed. This rejection suggests that Bitcoin may fall into a lower price range, expected to drop to the $18,000 to $20,000 area.

Key support levels to watch are around $60,000, but the overall trend indicates a potential drop below this level, which could reflect significant corrections seen in Bitcoin's past cycles.

It is noteworthy that Bitcoin has failed to return to the $100,000 position, leading to a series of predictive warnings that the price may continue to decline.

One of the warnings comes from legendary trading expert Peter Brandt, who shared a similar bearish outlook in a post on X on December 29.

According to Brandt, Bitcoin appears to be following a 'hump-shaped crash pattern'. This pattern reflects the cyclical boom and bust trend of Bitcoin, and the latest price movements seem to align with this pattern.

His analysis shows Bitcoin steadily rising (hump), followed by a correction (crash), and finally surging sharply to a peak (summit).

Now, Bitcoin seems to be in the 'sell-off' phase, with price levels hovering around $95,000. If this pattern plays out fully, then the key support level around $88,605 is crucial.

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