Brandt Flags Bearish Head-and-Shoulders Pattern in Bitcoin

Peter Brandt, a veteran commodities and crypto trader, has warned that Bitcoin could face further decline. In his analysis on X, he highlighted a head-and-shoulders pattern that formed between April and June, suggesting that the leading cryptocurrency may not have bottomed out yet.

The technical pattern is a classic indicator that often signals a reversal from an uptrend to a downtrend. Brandt noted that he has not placed a bet yet, but if he were to take a position, he would lean bearish.

The chart shared by Brandt marks a clear decline following the completion of the head-and-shoulders formation. According to the analysis, Bitcoin could fall back to approximately $58,000, a level that previously acted as support.