Broadening Top Pattern Repeats Across Markets: Is Bitcoin Due for Another Dip?
Veteran trader Peter Brandt says that classical chart analysis remains effective in Bitcoin. He compared a soybean chart from 1977 to a Bitcoin chart from last year, noting that they both show a broadening top formation.
A broadening top is characterized by increasing volatility and higher highs while lower lows form a megaphone-like shape. The trading range expands, indicating disagreement between buyers and sellers.
In the soybean trade, prices eventually broke below the lower trendline of the expanding formation, and Brandt sees a similar sequence in Bitcoin. After forming an expanding top near the cycle highs in late 2025, BTC broke below support and entered a prolonged correction.
Brandt has also warned that Bitcoin's recent low may not be a lasting bottom yet. He wrote earlier this summer that he saw a tradable low potentially forming in October.