Brandt Warns: 'No Compelling' Evidence for New Bitcoin Bull Market

Veteran trader Peter Brandt says Bitcoin is not yet ready for a new bull market. According to a chart shared by Northstar Charts, the cryptocurrency remains below key technical resistance after breaking beneath the 50-week moving average and the Ichimoku Cloud earlier this year.

The chart, which Brandt reposted on X, shows that Bitcoin has repeatedly failed to reclaim the 50-week moving average. It also indicates that the weekly trend remains bearish, pointing to a breakdown from a rising wedge near the cycle highs.

Brandt argues that previous Bitcoin bull markets only resumed after price reclaimed both indicators, adding that any sustainable rally would first have to push above the cloud before a new uptrend could begin. He stopped short of predicting further losses but notes that the current price action does not yet justify expectations of an imminent bullish reversal.