Bitcoin price dropped by more than 22.5% in the past week to $69,000 on Thursday, wiping out 15 months of gains entirely. However, the downtrend may not be over, according to veteran trader Peter Brandt. BTC’s decline left behind a sequence of daily lower highs and lower lows. Simply put, the lack of even modest rebounds suggests few traders are stepping in to buy the dip, at least for now. This structure, according to Brandt, had “fingerprints of campaign selling,” a deliberate, sustained distribution by large institutions, not retail liquidation. Onchain data supports Brandt’s outlook. For instance, as of Thursday, ... (full story)