Veteran trader Peter Brandt has forecasted a potential decline in Bitcoin's price to $60,000, based on JDK Analysis' power-law model. Cointelegraph's analysis highlights a descending wedge pattern on Bitcoin's weekly chart, with the price losing support at the $114,550 trendline. Currently, bulls are striving to maintain Bitcoin's price above the 50-week simple moving average at $103,300. Key support levels for Bitcoin include the $100,000 psychological mark and the $82,000 100-week moving average. Should Bitcoin's weekly close fall below these levels, it could trigger a further drop to the wedge target of $72,000, representing a 30% decline from current levels.