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Contrary to retail crypto investors' hopes for an imminent rally, the latest technical review of Bitcoin from legendary trader Peter Brandt points to the opposite - a continuation of the prolonged consolidation.
While the leading cryptocurrency is trying to hold in the $65,200–$66,000 area amid easing tensions in the Middle East, Brandt's review of the weekly $BTC/USD chart from TradeNavigator shows worrying technical markers.
Forget the peace rally
The legendary trader categorically rejected rumors of an imminent upside breakout, calling talk of a "bull flag" a rookie mistake. According to the rules of classical technical analysis laid down by Schabacker, Edwards, and Magee, such patterns last a maximum of 6–8 weeks, while the current decline has already dragged on longer.
Instead, Bitcoin is trapped inside a clear descending price channel under pressure from the 8- and 18-period moving averages. The main warning for buyers was the red marker with which the analyst recorded a downside break from previous consolidations.
Trend strength, with ADX at 28.27, confirms that bears remain firmly in control. According to Brandt, the coin will continue to slide lower within this corridor, while a full cyclical bottom will form no earlier than September or October 2026.
However, long-term investors should not panic. Despite the short-term bearish trend, Brandt's global bullish scenario remains intact. The upper red line on his chart marks the historical target of this cycle near $127,500, while the absolute multi-year floor remains firmly anchored by the lower baseline resting at $24,825 per $BTC.
But for this scenario to activate, the market needs to wait for the final reversal. In this context, the path to a new all-time high will begin only when Brandt records the opposite green marker on the chart - a signal of a true breakout from the descending channel to the upside.