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Bitcoin Bottom Not Yet Confirmed: Peter Brandt Points to a Bearish Channel
Peter Brandt warned that Bitcoin has not yet formed a clear bottom, citing a possible bearish channel extending from the February low. His key trigger is an ATR close below $79,145, which he says could signal the resumption of a downward trend.
Key Takeaways:
- Brandt stated that Bitcoin has not formed a clear bottom after its latest rebound.
- Technical resistance near the bearish channel keeps focus on the $79,145 trigger.
- Additional selling pressure could shift attention toward the middle of the channel and later its lower boundary.
Bitcoin Recovery Faces Pressure Inside a Bearish Channel
Veteran trader Peter Brandt warned that Bitcoin has not yet reached an obvious bottom, pointing to a possible bearish BTC channel originating from the February low. The chart he shared shows Bitcoin trading near the upper boundary, where the recovery appears to have met resistance without confirming a reversal. His May 13 post on social platform X focused on technical positioning rather than market sentiment and suggested that the rebound remains incomplete.
Brandt’s post does not imply a forecast of a full-scale bear market. Instead, he argued that Bitcoin has not yet proven that its correction is over. The key question is whether BTC can hold support after failing near resistance within the channel. An upward-sloping channel after a sharp decline may still function as a bearish structure in Brandt’s interpretation of the chart. He wrote:
“An obvious bottom in Bitcoin has NOT, NOT, NOT been established. There is a possible bearish channel from the February low.”
Chart published by Peter Brandt.
His trigger level stands at $79,145. Brandt noted that an ATR close below this level would imply a pullback toward the midpoint of the channel. Additional selling pressure could then shift focus toward the lower boundary, keeping the outlook cautious rather than outright bearish. At this stage, the chart points to a possible downward move rather than a confirmed breakdown scenario.
Peter Brandt Previously Warned of Further Bitcoin Weakness
Before this post on X, Brandt had projected that Bitcoin could decline to the $58,000–62,000 range. The commodities and currency trader, whose market career began in 1975, linked this target range to weakening chart structures and growing technical pressure. His BTC analysis often relies on classic chart formations.
Another post by Brandt on X focused on a more distant outlook. In April, he described Bitcoin’s cyclical model as a possible path toward an investment-attractive low in September or October 2026. He added that the next cycle peak, if the model remains intact, could reach between $300,000 and $500,000 in September or October 2029. In that post, the possible 2026 bottom was positioned ahead of a later projected cycle top.
On May 13, Brandt stated:
“Price is bouncing off the upper boundary. An ATR close below $79,145 would imply a retracement to the midpoint and then possibly to the lower boundary.”
Taken together, Brandt’s posts suggest caution rather than a permanently bearish stance. They highlight short-term downside risks, a possible bottom formation toward the end of 2026, and a much higher cycle target for 2029 if Bitcoin continues to follow historical trading patterns. His latest comments place focus on whether BTC can remain above the $79,145 level in the coming trading sessions.
See also: "Bitcoin Price Faces One of Its Toughest Tests Yet: What Comes Next?"
