Brandt Warns of Potential Decline as Bitcoin Trapped in Narrow Range

Veteran trader Peter Brandt is leaning bearish on Bitcoin's next move, despite not yet placing a bet. In a recent post on X, he said 'I am not in the bet yet, but if I were to bet it would be for a decline.'

Brandt's chart shows a large head-and-shoulders formation that developed between April and June. The cryptocurrency formed a left shoulder in April, with prices reaching the mid-to-upper $70,000s. It then rallied to a higher peak of roughly $82,000 in May, forming the pattern's 'head.'

A subsequent rebound toward the upper $70,000s in late May and early June created what Brandt labels as the right shoulder. The two shoulders are similar in height, but the May peak stands significantly above them.