Veteran trader Peter Brandt says he sees no compelling technical evidence that Bitcoin is ready to enter a new bull market, aligning himself with a bearish chart shared by Northstar Charts.
“As a classical chartist, I see nothing right now to suggest a bull market is urgent,” Brandt wrote on X while reposting a weekly Bitcoin analysis from Northstar.
The chart argues that Bitcoin remains below key technical resistance after breaking beneath the 50-week moving average and the Ichimoku Cloud earlier this year.
Northstar’s analysis indicates the weekly trend remains bearish, pointing to a breakdown from a rising wedge near the cycle highs.
According to the chart, Bitcoin has repeatedly failed to reclaim the 50-week moving average and remains under the Ichimoku Cloud, which is highlighted as a major resistance zone.
The analyst argues that previous Bitcoin bull markets only resumed after price reclaimed both indicators, adding that any sustainable rally would first have to push above the cloud before a new uptrend could begin. Until then, the chart projects continued downside risk.
Brandt stopped short of predicting further losses, but the veteran chartist is confident that current price action does not yet justify expectations of an imminent bullish reversal.
Brandt argued the market had not yet bottomed, warning that a durable low was unlikely before October 2026.
Dormant Bitcoin wakes up
Adding to the market’s uncertainty, CryptoQuant analyst Maartunn reported that another 500 BTC dormant for more than 10 years and 746 BTC aged between three and five years have moved in recent blocks. Large transfers of long-inactive coins often attract attention from traders because they can precede selling activity, although such movements do not necessarily indicate that the coins will reach exchanges.
‘Stars are aligning’ for Bitcoin?
Despite the cautious technical outlook, some market participants remain optimistic. Crypto analyst Luke Martin has quippd that “BTC stars are aligning” while sharing Kalshi’s post quoting CNBC host Jim Cramer as saying he would “sell” all of his Bitcoin.
Cramer’s market calls have frequently been viewed by crypto traders as a contrarian signal, with some interpreting bearish comments as potentially bullish for the market.
