Bitcoin Bottom Unconfirmed as Peter Brandt Flags Bear Channel

Peter Brandt warned that bitcoin has not formed a recognizable bottom, citing a possible bear channel from the February low. His key trigger is an ATR close below $79,145, which he said could signal renewed downside.

Bitcoin Recovery Faces Pressure Inside Bear Channel

Veteran trader Peter Brandt warned that bitcoin has not completed a recognizable bottom, pointing to $BTC’s possible bear channel from the February low. His accompanying chart showed bitcoin trading near the upper boundary, where the recovery appeared to meet resistance without confirming a reversal. His post on social media platform X on May 13 centered on technical positioning rather than market sentiment and suggested the rebound remains incomplete.

Brandt’s post suggests he is not calling a full bear market. Instead, he argued that bitcoin has not proven that its correction is over. The key issue is whether $BTC can maintain support after failing near resistance inside the channel. A rising channel after a sharp decline can still act as a bearish structure in Brandt’s interpretation of the chart. He wrote:

“A recognizable bottom has $NOT $NOT $NOT been completed in bitcoin. A possible bear channel exists from the Feb low.”

His trigger sits at $79,145. Brandt noted that an Average True Range (ATR) close below that level would point to a retreat toward the channel midpoint. Additional selling pressure could then bring the lower boundary into focus, keeping the outlook cautious rather than outright bearish. For now, the chart outlines a possible downside move instead of a confirmed breakdown scenario.

Peter Brandt’s Earlier Bitcoin Forecasts Pointed to Further Weakness

Before this X post, Brandt projected that bitcoin could decline toward $58,000 to $62,000. The commodity and foreign exchange trader, whose market career dates to 1975, linked the target range to weakening chart structures and mounting technical pressure. His $BTC analysis often relies on classical chart formations.

Another Brandt post on X looked further ahead. In April, he outlined bitcoin’s cyclic pattern as a possible path to an investable low in September or October 2026. He added that the next high, if the pattern continues, could arrive between $300,000 and $500,000 in September or October 2029. The post placed a possible 2026 low before a later projected cycle peak. Brandt stated on May 13:

“Price is being repealed from the upper boundary. An ATR close below $79,145 would indicate a retreat back to mid point, then maybe the lower boundary”

Taken together, Brandt’s posts point to caution, not a permanent bearish stance. They highlight near-term downside risk, a possible low later in 2026, and a much larger cycle target for 2029 if bitcoin continues following historical trading patterns. His latest comments keep attention on whether $BTC can hold above the $79,145 level in the sessions ahead.