Veteran trader Peter Brandt recently pointed out that Bitcoin’s (BTC) latest rally wasn’t enough to change the long-term bearish pattern. While Bitcoin surged briefly, Brandt emphasizes that it hasn’t hit the levels needed to confirm a trend reversal. He insists that BTC must close above $71,000 and establish a new all-time high to signal a true bullish shift.
For over seven months, Bitcoin has followed a consistent downtrend, with lower highs and lower lows, a strong indicator of ongoing bearish sentiment. Despite short bursts of optimism, the pattern remains unchanged, according to Brandt’s chart analysis.
Brandt identifies two significant resistance levels that Bitcoin has failed to break through. The first is at $70,602, while the second, marking the all-time high, sits at $73,808. These barriers have repeatedly halted BTC’s upward momentum. Without a clear break above these levels, the market is likely to continue its consolidation phase.
The veteran trader stresses that the recent rally didn’t disrupt Bitcoin’s sequence of lower highs, and the bearish framework still holds. According to Brandt, only a break past $71,000 will confirm a reversal.
Bitcoin’s Moving Averages and Volatility
The 8-week simple moving average (SMA), currently at $60,526, has acted as support. BTC’s price has hovered near this line, indicating uncertainty. Additionally, the Average True Range (ATR), sitting at 5,756, shows moderate volatility. This suggests that while the market is capable of significant moves, it has not entered an extreme phase yet.
Other market experts, including chart analyst Willy Woo, agree with Brandt’s outlook. Woo believes that while BTC may eventually reach a new all-time high, the market needs more time. He predicts a cooling-off period of one to three weeks before the next bullish attempt. Woo suggests that BTC will likely trade sideways before a stronger uptrend emerges toward the end of the year.
For now, Bitcoin’s short-term future looks uncertain, with traders watching closely for a break above the crucial $71,000 mark.
