Bitcoin’s price dropped over 22.5% to $69,000, erasing 15 months of gains. Miner and US spot ETF exposure cuts add supply pressure during the downtrend. Veteran trader Peter Brandt warns of potential further decline to $54,600-$55,000. Onchain data shows miners distributing more BTC to the market, contributing to the selling pressure. US spot Bitcoin ETFs reduced exposure from 1.29 million to 1.27 million BTC. Coinbase premium falls to yearly lows, indicating institutional selling. BTC may target $63,800, down 10% from current levels, as per Brandt’s technical setup. Onchain analyst GugaOnChain predicts a potential bottom near $54,600, aligning with historical accumulation phases. Another analysis suggests an accumulation window post-July 2026 based on credit stress timing data. This article does not provide investment advice and urges readers to conduct their own research.

Read more at CoinTelegraph: Bitcoin May Drop Below $64K as Veteran Raises ‘Campaign Selling’ Alarm