Brandt Warns No Urgent Bull Market in Sight for Bitcoin

Legendary trader Peter Brandt has expressed caution about Bitcoin's potential for an imminent bull market. According to Brandt, there is no compelling technical evidence to suggest a bull market is urgent.

In a recent post on X, Brandt shared a chart from Northstar Charts that highlights the bearish trend of Bitcoin. The chart shows that Bitcoin remains below key technical resistance after breaking beneath the 50-week moving average and the Ichimoku Cloud earlier this year.

The analyst 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. Until then, the chart projects continued downside risk.