Experts warn that the Bitcoin 'party is over,' expecting it 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 reaching an all-time high of over $108,000, Bitcoin faces ongoing selling pressure, putting the leading digital asset at risk of falling below $90,000.

In this context, BTC has already encountered a 'heavy blow' from psychological resistance at the six-figure price level, triggering the potential start of a significant correction, crypto analyst MFHoz stated in an X post on December 28.

The expert acknowledges that Bitcoin briefly broke through a rising triangle formation (typically a bullish pattern) to set a new all-time high, only to reverse sharply afterward. This rejection suggests that Bitcoin could fall into a lower price range, with expectations to drop to the $18,000 to $20,000 area.

Key support to watch is around $60,000, but the overall trend indicates a potential drop below this level, which could reflect significant corrections Bitcoin has experienced in past cycles.

It is noteworthy that Bitcoin has failed to return to the $100,000 level, leading to a series of predictions warning that prices may continue to decline.

One of the warnings comes from legendary trader Peter Brandt, who shared a similar bearish view in an X post on December 29.

According to Brandt, Bitcoin seems to follow a 'hump-like crash and surge' pattern. This formation reflects the cyclical boom and bust trends of Bitcoin, and the latest price movements appear to align with this pattern.

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

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

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