Experienced Trader Peter Brandt Leans Towards a Bearish Bitcoin Scenario
Experienced trader Peter Brandt leans towards a bearish outlook for Bitcoin, although he has not placed any bets on the cryptocurrency's future movement. In a social media post, he stated that while he is not currently making trades, if he were, he would bet on a decline.
In Q3, Bitcoin's price has been fluctuating within a relatively narrow range, attempting to approach the key resistance level of $67,260. Brandt's chart analysis points to a large "head and shoulders" pattern formed between April and June. Bitcoin formed the left shoulder in April by exceeding $70,000, followed by a higher peak near $82,000 in May, creating the pattern's "head." A subsequent bounce above $70,000 in late May and early June formed what Brandt identifies as the "right shoulder." The neckline of this pattern was drawn around $75,000, which Bitcoin broke below in early June. This breakdown triggered a sell-off that pushed $BTC from $75,000 to below $60,000.
Brandt's analysis indicates a potential drop toward the $58,000 zone, suggesting Bitcoin could retest its 2026 low. Analyst Ted Pillows, however, notes that for bullish momentum to resume, a close above $65,000 is necessary. A decisive break above the $67,260–$68,000 range would allow bulls to regain initiative, at least temporarily.
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