Bitcoin (BTC) Price: Iran Conflict, Record Options Expiry, and a Veteran Trader’s Warning — What Lies Ahead for BTC?

TLDR

• Veteran trader Peter Brandt identified a rising wedge sell signal, indicating a potential price drop to $60,000 or even $49,000.
• Bitcoin dropped more than 4% on March 27, trading between roughly $65,720 and $66,030.
• A $14.16 billion options expiration on Deribit eliminated 40% of open positions and triggered over $115 million in long position liquidations.
• The U.S.-Israel conflict with Iran is pushing investors toward safe-haven assets like the U.S. dollar and away from riskier assets such as BTC.
• Analysts from both CEX.IO and Bitget Wallet warned of further downward price movement, with $60,000 flagged as the next key level to monitor.

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(SeaPRwire) –   Bitcoin saw a sharp decline on March 27, falling over 4% to trade around $65,720 as a mix of geopolitical tension and a record-breaking options expiration impacted the market simultaneously.

This pullback comes as the U.S.-Israel conflict with Iran continues to drive investors toward safer assets like the U.S. dollar. Iran’s declaration that the Strait of Hormuz remains closed added further pressure, even after Trump claimed Iran had allowed 10 oil tankers to pass through as a goodwill gesture.

Veteran trader Peter Brandt shared on X that Bitcoin is forming a rising wedge sell signal. His chart pointed to $60,000 as a key downside target for this price move.

Bitcoin setting up for a rising wedge sell signal $BTC pic.twitter.com/NTzz30azWy

— Peter Brandt (@PeterLBrandt) March 26, 2026

Brandt also posted a second chart marking $49,000 as a potential longer-term bottom for BTC. He noted that Bitcoin adheres to classic charting rules more closely than most other markets.

Brandt had previously predicted Bitcoin would fall below $50,000 during the current bear market phase. His latest posts reinforce that outlook.

$14 Billion Options Expiry Deals a Heavy Blow to BTC

On March 27, leading crypto options platform Deribit settled $14.16 billion in Bitcoin options at 08:00 UTC. This marked the largest options expiration event of 2026, clearing roughly 40% of all open positions on the exchange.

Over $115 million in long positions were liquidated within a single hour. Bitcoin’s put/call ratio currently sits above 0.62, meaning more traders are betting on further price declines rather than a market recovery.

Illia Otychenko, lead analyst at CEX.IO, stated that both macroeconomic conditions and market sentiment are bearish right now. He warned that if Bitcoin breaks below its current channel support, a retest of $60,000 is likely.

Analysts Warn of Upcoming Market Volatility

Lacie Zhang, market analyst at Bitget Wallet, explained that institutional investors have spent much of the quarter selling upside Bitcoin exposure to generate yield. As those contracts expire, that structural support cushion disappears.

This could be the best-case scenario for Bitcoin.

A drop below the $50,000 level by Q2 2026 and then a V-shape recovery to $100,000 by year end. https://t.co/N7Peeef1jz pic.twitter.com/2Fq1gdHsDZ

— Ted (@TedPillows) March 27, 2026

Analyst Ted suggests Bitcoin could drop below $50,000 by Q2 2026 before a potential V-shaped recovery to $100,000 by the end of the year.

Zhang said Bitcoin needs to reclaim and hold above $75,000 to shift market sentiment bullish. Without that, sharper and less controlled price swings are likely to occur.

Elevated crude oil prices have pushed the U.S. 10-year Treasury yield to its highest level since July 2025, creating additional pressure on non-yielding assets like Bitcoin.

Bernstein analysts reiterated a year-end price target of $150,000, arguing that Bitcoin historically outperforms gold during periods of extreme uncertainty.

Bitcoin’s next key technical level remains $66,000. A daily close below that support level could open the door to a move toward the $50,000 range, according to technical analysis.