Brandt Sees More Downside for Bitcoin Amid Expanding Top Formation

Veteran trader Peter Brandt says traditional chart analysis still holds up in modern markets like Bitcoin. He points out that technical formations he observed decades ago, including in commodities, continue to repeat across assets like cryptocurrencies.

Brandt recently compared a 1977 soybean price chart with a 2025 Bitcoin chart and highlighted the similarity between an expanding top formation in both cases. This pattern features prices surging higher while volatility increases, leading to higher highs and lower lows and forming a megaphone shape.

According to Brandt, this scenario is a sign of intensifying disagreement between buyers and sellers, which can lead to a market correction. He observed that Bitcoin's recent trading mirrored this classic reversal, with BTC falling below key support after reaching a cycle high near the end of 2025.