Bitcoin Bottom Unconfirmed as Peter Brandt Flags Bear Channel

"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."

"Brandt said bitcoin has not completed a recognizable bottom after its latest rebound. Technical resistance near the bear channel keeps attention on the $79,145 trigger. Additional downside pressure could shift focus toward the channel midpoint, then its lower boundary. The key issue is whether BTC can maintain support after failing near resistance inside the channel."

"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."

"Instead, he argued that bitcoin has not proven that its correction is over. A rising channel after a sharp decline can still act as a bearish structure in Brandt's interpretation of the chart. For now, the chart outlines a possible downside move instead of a confirmed breakdown scenario. Peter Brandt's Earlier Bitcoin Forecasts Pointed to Further Weakness Before this X post, Brandt projected that bitcoin could decline toward $58,000 to $62,000."

Bitcoin has not completed a recognizable bottom after its latest rebound. Technical resistance near a bear channel keeps attention on a $79,145 trigger. If bitcoin closes below $79,145 on an Average True Range basis, additional downside pressure could shift focus toward the channel midpoint and then the lower boundary. The rebound appears to have met resistance near the upper boundary without confirming a reversal. A rising channel after a sharp decline can still function as a bearish structure. The outlook remains cautious because support must hold after failing near resistance inside the channel. Earlier forecasts pointed to potential weakness toward $58,000 to $62,000.

Read at news.bitcoin.com