Brandt Sees Bearish Trend in Bitcoin as Key Resistance Looms

Veteran trader Peter Brandt is leaning toward another decline in Bitcoin, but he hasn't placed a bet on its next move.

Brandt stressed that for now, Bitcoin remains trapped in a relatively narrow range after a sharp correction earlier this summer.

The flagship cryptocurrency is currently struggling to reclaim a key resistance area near $67,260.

According to Brandt's chart analysis, a large head-and-shoulders formation developed between April and June. The pattern shows two shoulders of similar height, with the May peak significantly above them.

A break below the neckline at $75,000 in early June led to a sell-off that took BTC from roughly $75,000 to below $60,000.