Bitcoin (BTC) fell 4% to $66,587 on March 27, reaching its lowest level in two weeks as veteran trader Peter Brandt identified a rising wedge formation that could push the cryptocurrency toward $60,000.
The decline comes amid escalating geopolitical tensions in the Middle East, with oil prices climbing and risk assets under pressure across global markets.
Brandt posted chart analysis on X showing a rising wedge pattern, a technical setup typically associated with downward reversals.
He highlighted $60,000 as a potential downside target, with $49,000 marking a longer-term floor.
Bitcoin last touched $60,000 on February 6 before recovering to $76,000 earlier this month.
Technical Pattern Emerges After Two-Week Decline
The rising wedge forms when price consolidates between two upward-sloping trendlines that converge, with the lower line rising more steeply.
Brandt noted Bitcoin "obeys the rules of classical charting better than most markets," suggesting the bearish setup could materialize.
He has previously forecast Bitcoin could bottom in third quarter 2026 around $60,000.
Bitcoin has now declined more than 20% since Middle East tensions escalated in late February. The cryptocurrency traded around its October 2025 all-time high of $126,000 before reversing sharply as geopolitical risk increased and institutional flows slowed.
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Geopolitical Pressures Add to Downside Risk
U.S. President Donald Trump threatened to strike Iran's power plants unless the Strait of Hormuz reopens, pushing oil prices higher and weighing on risk assets including cryptocurrencies. Iran has vowed to retaliate against U.S. and Israeli targets if its energy infrastructure is attacked.
The ongoing standoff has sent Brent crude above $91 per barrel and raised concerns about renewed inflation pressure.
The 10-year U.S. Treasury yield climbed to an eight-month high as bond markets priced in potential rate hike expectations tied to rising energy costs. Bitcoin typically correlates with broader risk assets and tends to decline when macro uncertainty increases and liquidity conditions tighten.
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