What to Know:
- Peter Brandt rejects bullish flag claims and expects extended consolidation.
- Bitcoin remains inside a descending channel with bears controlling the market.
- Brandt still targets $127,500 after confirming a major breakout.
Veteran trader Peter Brandt has pushed back against growing expectations of a Bitcoin breakout, arguing that the cryptocurrency remains trapped in a bearish structure despite holding above $65,000.
According to Brandt, the current market setup points to continued consolidation rather than the start of a sustained rally. Brandt shared his latest assessment through a weekly BTC/USD chart from TradeNavigator. His analysis challenges the view held by some traders who believe Bitcoin is forming a bullish flag that could trigger a major upside move.
According to Brandt, classical technical analysis does not support that interpretation because traditional bull flags typically develop over six to eight weeks. However, Bitcoin’s current corrective phase has already lasted much longer, making comparisons to a textbook bullish flag questionable.
Moreover, Brandt’s chart shows Bitcoin trading within a descending channel that continues to guide price action lower. Both the 8-period and 18-period moving averages remain above the current price, reinforcing the broader downtrend.
Although Bitcoin has managed to stabilize in the $65,200 to $66,000 range, Brandt believes that stability alone does not signal a market reversal. Instead, he argues that traders should pay closer attention to the larger technical structure that continues to dominate price movement.
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Brandt Expects Bitcoin Bottom Later This Year
A key part of Brandt’s analysis centers on trend strength, with his chart placing the Average Directional Index at 28.27, a level that suggests the prevailing trend remains intact. Consequently, Brandt believes sellers still maintain control of the market. He also highlighted a bearish marker that appeared following a downside break from an earlier consolidation range. In his view, that signal remains valid and continues to support a cautious outlook.
According to Brandt, Bitcoin may continue to move lower within the descending channel before reaching a meaningful cyclical bottom. He expects that process to conclude no earlier than September or October 2026.
That projection contrasts with recent market optimism fueled by easing geopolitical concerns and improving investor sentiment. Nevertheless, Brandt maintains that technical conditions have not yet confirmed the beginning of a new bullish phase.
Despite his near-term caution, Brandt remains constructive on Bitcoin’s long-term prospects, as his chart still identifies a cycle target near $127,500, indicating that he has not abandoned his broader bullish outlook. Additionally, Brandt marked $24,825 as the major long-term support level underpinning the current cycle and emphasized that a move toward new all-time highs would require a confirmed breakout above the descending channel.
Brandt sees Bitcoin’s consolidation phase continuing despite recent price resilience. While he still projects a long-term move toward $127,500, he believes the market must first complete its corrective phase before a sustainable uptrend can begin.
Also Read: Coinbase CEO Says Bitcoin Cycles Are Normal, Remains Bullish Long Term
