Peter Brandt has been waving the caution flag on bitcoin’s price behavior for a good while. He’s been pointing to broader market pressures he has cited before—namely, the decay of bitcoin’s bull cycles, with future runs possibly capped at a modest 4x, a history of broken parabolic trends that have preceded 80%-plus drawdowns, fading enthusiasm for the top crypto asset, and the looming threat of institutional exits should U.S. equities remain under pressure.

Today, every major U.S. stock index took a beating, and the fallout spilled straight into crypto markets, with bitcoin sliding hard to an intraday low of $62,200 per coin. Against the backdrop of a grim sell-off, Brandt took to X to spotlight what financial analysts often describe as a deliberate, methodical, and sustained unloading of assets by large institutions, whales, or other heavyweight market players.

“Hey crypto followers—The nature of the decline in bitcoin (now 8 days of lower lows and highs) has all the finger prints of campaign selling, not retail liquidation,” Brandt wrote. “Seen this before hundreds of times over the decades. Never know when of course this pattern ends,” he added. In short, the conclusion of such a “campaign” is anyone’s guess, hinging on when sellers finally run out of inventory or decide to change course.

Brandt has been batting this theme around regularly on X and hasn’t held back—taking jabs at Michael Saylor and Strategy (Nasdaq: MSTR) along the way. “When on this journey will investors want to start jumping from the Sayl_boat?” Brandt asked.

He went on to suggest that MSTR itself may be just fine, while pointedly wondering “what about his investors?” Bitcoin’s price now sits well below MSTR’s average acquisition cost, which clocks in just a hair north of $76,000 per coin.

Also read: Prediction Markets Price Bitcoin Stability, Not Explosive Upside, for Early 2026

In a separate X post, Brandt shared a cartoon of a hulking bear giving a bull an unwanted haircut, tagging the scene with the labels “ BTC” and “MSTR.” At its core, Brandt’s commentary paints a market strained but not disorderly, driven by calculated selling rather than outright panic.

Whether this phase ends with seller fatigue, a sharp turn, or further downside is still an open question. For now, bitcoin’s trajectory seems dictated by significant bearish headwinds and traders staying on the offensive. How long this persists, as Brandt himself notes, remains an open question.

• What does Peter Brandt mean by “campaign selling” in bitcoin?
  He’s describing what he views as deliberate, sustained selling by large players rather than panic-driven retail exits.
• Why is bitcoin under pressure right now?
  Brandt points to weakening technical patterns, softer risk appetite, and spillover from falling U.S. equity markets.
• How low did bitcoin fall during the sell-off?
  Bitcoin dropped to an intraday low of $62,200 as stocks and the crypto economy sold off in tandem.
• Why is Brandt critical of Strategy and Michael Saylor?
  He questions whether investors, not the company itself, may feel strain with bitcoin trading below Strategy’s average buy price.

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