Peter Brandt Says ‘No Massive Bullish Pattern in Bitcoin,’ Dampening Bullish Expectations

▲ Bitcoin (BTC)

Market expectations that Bitcoin (BTC) is forming a massive bullish pattern were dampened by a sober analysis from a veteran trader, putting the brakes on prevailing optimism.

According to U.Today on February 18, veteran trader Peter Brandt pointed out that the giant inverse head-and-shoulders or cup-and-handle patterns observed on Bitcoin’s price chart do not actually exist. Brandt made it clear that he does not agree with claims that Bitcoin is forming a classic bullish pattern, arguing that some analysts’ optimistic chart interpretations are technically unsound.

Brandt emphasized that chart patterns cannot be trusted until they are fully completed, cautioning against premature conclusions that Bitcoin is on the verge of a massive rally. He analyzed that the current price action is more likely a simple consolidation phase or an unconfirmed complex structure rather than a precursor to a bull market. In particular, he criticized blind market optimism, noting that until a breakout occurs, chart formations are merely combinations of lines.

Bitcoin recently faced strong resistance around the $72,000 level and pulled back toward $68,000, reflecting heightened volatility. While many investors are searching for hopeful signals on the chart in anticipation of a large rally following the halving, Brandt pointed out that such psychological bias may be hindering objective technical analysis. He suggested that without a clear improvement in market structure, it would be difficult for Bitcoin to stage an explosive short-term surge.

Brandt advised that clearer price breakouts accompanied by strong trading volume are necessary for Bitcoin to enter a genuine bull market. He warned that relying solely on chart patterns is risky in an environment where inflows into spot Bitcoin ETFs are steadily slowing and institutional buying interest has weakened. He added that a conservative stance should be maintained, closely monitoring actual market movements until Bitcoin decisively surpasses key price levels.

Amid ongoing uncertainty in the Bitcoin market, the cautious outlook of a prominent trader is serving to cool overheated sentiment. As Bitcoin enters a phase where major support levels are being tested, sober judgment based on changes in technical indicators and institutional capital flows is increasingly required.

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