Peter Brandt Says Bitcoin Has Yet to Bottom, Warns Rebound May Be a Bull Trap
Summary
- Peter Brandt said the recent rise in Bitcoin (BTC) was merely a technical rebound within a downward channel.
- Brandt said a BTC bottom pattern has not yet formed and stressed that the price could move lower again after reaching the top of the channel.
- The market remains focused on macroeconomic uncertainty, interest-rate pressure, and the Fed’s monetary policy despite institutional inflows and rising spot ETF demand.
Forecast Trend Report by Period
Veteran trader Peter Brandt has sounded a cautious note on Bitcoin’s recent rebound, arguing the move could prove to be a technical bounce before another leg lower.
U.Today reported on May 13 that Brandt views Bitcoin’s recent gains as a typical rebound within a descending channel.
He emphasized three times that a BTC bottom pattern has not yet formed.
Brandt also said he is watching a potential downward channel that has developed since the February low.
He expects Bitcoin could turn lower again after reaching the upper end of that channel.
The market continues to grapple with macroeconomic uncertainty and pressure from high interest rates, despite institutional inflows and growing demand for spot ETFs.
Traders are focused on Bitcoin’s technical trend and whether key support levels hold. The Fed’s monetary policy and sentiment toward risk assets remain the main variables ahead.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.