Bitcoin Chart Pattern Recalls Classic Soybean Trade

Renowned trader Peter Brandt has reaffirmed that traditional chart analysis remains effective in evaluating Bitcoin's price movements. In a recent social media post, he compared a soybean chart from 1977 with a Bitcoin chart from last year and noted the striking similarities.

The charts show a 'broadening top' formation, characterized by increasing volatility and expanding trading ranges. This pattern is evident in both the soybean and Bitcoin charts, where prices initially rise while successive highs become higher and successive lows become lower.

Brandt pointed out that when the soybean price eventually broke below the lower trendline of the expanding formation, a similar sequence played out in the Bitcoin market. After forming an expanding top near the cycle highs in late 2025, BTC broke below support and entered a prolonged correction.

The veteran trader has expressed his thoughts on Bitcoin's potential trajectory, stating that he sees no lasting bottom formed yet, with a possible new low in October.