Peter Brandt Says Bitcoin Has Yet to Bottom, Flags Rebound Trap

JH Kim

Summary

Peter Brandt said the recent rise in Bitcoin (BTC) was only a technical rebound within a descending channel.
He stressed that a BTC bottoming pattern has yet to form and that the price could move lower again after reaching the top of the channel.
Despite institutional inflows and growing demand for spot ETFs, macroeconomic uncertainty and interest-rate pressure persist, leaving Fed monetary policy and risk appetite as the key variables.

Forecast Trend Report by Period

Veteran trader Peter Brandt cast doubt on Bitcoin’s recent rebound, arguing that the move may prove to be a temporary bounce before another decline.

Crypto media outlet U.Today reported on May 13 that Brandt views Bitcoin’s latest gains as a typical technical rebound within a descending channel.

He stressed three times that BTC has yet to form a bottoming pattern.

Brandt also said he is watching a potential downward channel that has developed since the February low.

He expects Bitcoin could head back toward the lower end of the channel after reaching its upper boundary.

The broader market continues to face macroeconomic uncertainty and pressure from elevated 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. Fed monetary policy and sentiment toward risk assets remain the main variables going forward.