Brandt Sees Decline in Bitcoin as Possible Amid Limited Rebound Momentum
Veteran trader Peter Brandt is warning that Bitcoin (BTC) may decline in value. In a recent post on X, formerly Twitter, he stated, 'I am not in the bet yet, but if I were to bet it would be for a decline.'
The possible decline comes as Bitcoin has been trading in a relatively narrow range since a sharp drop earlier this summer. Its rebound momentum is also limited after failing to regain a key resistance level around $67,260.
Brandt pointed to a large head-and-shoulders pattern formed between April and June, which he believes could be a sign of further downward pressure on the price. The neckline for the pattern was around $75,000, and Bitcoin broke below that level in early June, leading to a fall to below $60,000.
Analyst Ted Pillows has also weighed in, stating that Bitcoin needs to post a closing price above $65,000 to revive a bullish trend. He also noted that buyers could regain control if Bitcoin breaks through the $67,260 to $68,000 range.