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.”

Chart shared by Peter Brandt.

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.

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“Price is being repealed from the upper boundary.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.

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