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.
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.
