Veteran trader Peter Brandt is leaning toward another decline in Bitcoin, although he stressed that he has not yet placed a bet on the cryptocurrency’s next move.
“I am not in the bet yet, but if I were to bet it would be for a decline,” Brandt said in a post on X.
For now, Bitcoin remains trapped in a relatively narrow range after a sharp correction earlier this summer.
The flagship cryptocurrency is currently struggling to reclaim a key resistance area near $67,260.
A head-and-shoulders pattern
Brandt’s chart shows a large spooky head-and-shoulders formation that developed between April and June.
Bitcoin initially formed a left shoulder in April, with prices reaching the mid-to-upper $70,000s. The cryptocurrency then rallied to a higher peak of roughly $82,000 in May, forming the pattern’s “head.”
A subsequent rebound toward the upper $70,000s in late May and early June created what Brandt labels as the right shoulder. The two shoulders are similar in height. The May peak stands significantly above them.
The neckline of the pattern was drawn around the $75,000 area. Bitcoin broke that level below in early June. The subsequent sell-off took BTC from roughly $75,000 to below $60,000.
Brandt’s drawn arrow extends toward approximately $58,000, which means that the flagship cryptocurrency could potentially retest the bottom of 2026.
Analyst Ted Pillows has also opined that a close above the $65,000 level would be needed to revive bullish momentum. A move through $67,260-$68,000 would make it possible for the bulls to get the ball back in their court (at least temporarily).
Whales keep selling BTC
In the meantime, larger holders keep selling their coins. Blockchain analytics platform Lookonchain reported that a whale sold another 1,019 BTC (roughly $66.4 million).
According to Lookonchain, the whale has sold a total of 7,513 BTC, worth approximately $486.9 million, over the past three weeks.
