Veteran trader Peter Brandt posted a weekly Bitcoin chart on X today, showing the outline of a large head-and-shoulders top. The left shoulder, a higher head, and a lower right shoulder line up in sequence, with the price now repeatedly testing the neckline.
His assessment was fairly measured: Bitcoin may never return to its previous all-time high. In the same post, he also left room for doubt: the pattern is not yet complete, and the head-and-shoulders top will only be confirmed if the neckline is decisively broken and the breakdown is confirmed.
What makes this chart worth watching is that it marks a dividing line. Optimists are watching to see whether the neckline holds, while the cautious are watching to see whether the right shoulder takes shape. Both sides are looking at the same chart, but waiting for the same signal. Neither wants to commit before confirmation.
Brandt has traded commodities and crypto markets for more than 40 years and tends to reserve judgment until a pattern is confirmed. This time is no different. He has laid out the possibility and left the verdict to the price action ahead.
#BTC #TechnicalAnalysis
His assessment was fairly measured: Bitcoin may never return to its previous all-time high. In the same post, he also left room for doubt: the pattern is not yet complete, and the head-and-shoulders top will only be confirmed if the neckline is decisively broken and the breakdown is confirmed.
What makes this chart worth watching is that it marks a dividing line. Optimists are watching to see whether the neckline holds, while the cautious are watching to see whether the right shoulder takes shape. Both sides are looking at the same chart, but waiting for the same signal. Neither wants to commit before confirmation.
Brandt has traded commodities and crypto markets for more than 40 years and tends to reserve judgment until a pattern is confirmed. This time is no different. He has laid out the possibility and left the verdict to the price action ahead.
#BTC #TechnicalAnalysis
