Bitcoin Decline Deepens as Traders Brace for More Weakness

• Bitcoin signals deeper downside as technical patterns point toward $58,000.
• Altcoins outperform Bitcoin as traders shift exposure across major sectors.
• Prediction markets show rising odds of BTC falling below $80,000 this year.

Bitcoin is facing renewed pressure across major trading exchanges as technical indicators, prediction markets, and sector-wide performance data point toward a deeper retracement. A sequence of eight consecutive sessions with lower highs has raised concerns of further deterioration, setting the stage for heightened volatility through the final weeks of the year.

Technical Breakdown Draws Attention to Lower Targets

Veteran market analyst Peter Brandt stated that Bitcoin may be entering a more severe corrective phase. He stated that the asset has completed a broadening-top formation, a structure he interprets as supporting potential declines toward $58,000. Brandt identified two notable support zones: an initial level near $81,000 and a deeper target around $58,000, emphasizing that momentum has weakened steadily since November 11.

He added that many market participants who previously expressed interest in accumulating Bitcoin at lower ranges may hesitate as sentiment deteriorates. Brandt linked this behavior to recurring patterns in prior downturns, where buyer confidence erodes before prices reach widely anticipated entry points. The recent sell-off, which triggered more than $1 billion in liquidations across Bitcoin, Ethereum, and XRP, reflects that caution.

Altcoins Outperform as Traders Shift Exposure

Data from Glassnode shows that several altcoin categories are recording stronger relative performance than Bitcoin. Layer-1 networks, Layer-2 platforms, AI-linked assets, DeFi tokens, and meme-based projects are all showing firmer momentum. Glassnode noted that such broad outperformance is unusual but follows a prolonged phase earlier this year when these segments lagged significantly behind Bitcoin.

Additionally, prediction markets are signaling rising expectations of added downside. Kalshi data shows a 44% probability that Bitcoin trades below $80,000 this year, suggesting traders are preparing for deeper adjustments. Market-implied forecasts now price in increased turbulence through late-year sessions.

At press time, Bitcoin trades at $88,894.34, down 4.53% over the past 24 hours, with a market capitalization of $1.77 trillion and a circulating supply of 19.95 million BTC.