Veteran trader Peter Brandt says bitcoin may not have reached a confirmed market bottom yet, warning that current price action could still be part of a broader bearish channel that began after February’s lows. According to Brandt, a decisive move below a key support level could open the door to renewed downside pressure.
Key Highlights
- Peter Brandt believes bitcoin has not yet formed a clear technical bottom.
- BTC is currently facing resistance near the upper edge of a possible bear channel.
- A close below $79,145 could trigger another leg downward.
- Further weakness may push bitcoin toward the middle or lower end of the channel structure.
Bitcoin Faces Resistance After Recent Recovery
In a post shared on X on May 13, Brandt focused on bitcoin’s technical setup rather than overall market sentiment. He pointed to a potential bear channel that appears to have formed from the February lows, noting that BTC recently approached the channel’s upper boundary but failed to confirm a breakout.
Brandt emphasized that he is not necessarily predicting a full-scale bear market. Instead, he argued that the recent rebound alone is not enough to confirm the correction has ended.
According to his analysis, the market remains vulnerable as long as bitcoin struggles to break above resistance within the channel. In Brandt’s view, even a rising channel after a sharp decline can still represent a bearish continuation structure.
He stated:
“A recognizable bottom has NOT NOT NOT been completed in bitcoin. A possible bear channel exists from the Feb low.”
$79,145 Remains Key Technical Level
Brandt identified $79,145 as an important trigger point for traders to watch. He said an Average True Range (ATR) close below that level could signal a move back toward the midpoint of the channel, with the lower boundary potentially becoming the next downside target if selling pressure intensifies.
For now, Brandt’s chart suggests caution rather than a confirmed breakdown scenario.
Earlier Forecasts Also Pointed to Weakness
Prior to his latest comments, Brandt had already warned that bitcoin could eventually fall into the $58,000–$62,000 range based on weakening technical patterns and broader chart pressure.
The longtime commodity and forex trader, whose market career began in 1975, is known for relying heavily on traditional chart analysis and cyclical market structures.
In another post shared earlier this year, Brandt outlined a longer-term bitcoin cycle scenario in which the market could form a major investable low sometime around September or October 2026.
Despite his short-term caution, Brandt also suggested that if bitcoin continues following historical cycle patterns, the next major bull-market peak could potentially occur in 2029, with price targets ranging between $300,000 and $500,000.
His latest analysis reinforces a cautious near-term outlook while still leaving room for a much larger long-term bullish cycle if historical market behavior continues to repeat.
