Legendary trader Peter Brandt has shared a new take on the current state of Bitcoin (BTC) after a wild swing from earlier in the week. On his X account, Brandt said Bitcoin’s recent decline is simply a retest of the inverse Heads and Shoulders pattern. This H&S pattern was completed in November 2024, just before Bitcoin broke new historical records.
What now nor Bitcoin?
As Peter Brandt insinuated, Bitcoin rebounding or breaking out does not come without some visible strains. Amid this bullish resurgence, he said only one thing presented doubt about what came next for the top coin.
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He said this hinges on how the parabolic advance from the November 2022 low was violated. Per the chart he presented, BTC has violated this breakout about seven times.
Unfortunately, Peter Brandt did not issue a forecast for the Bitcoin price this time. However, previous projections show that he called the top for BTC after the asset crossed the $109,000 all-time high milestone in January.
It remains unclear if the forecast has changed, but BTC’s latest price action leaves room for a rebound in favor of bulls or bears.
Bitcoin’s rebound catalysts
The tariff reversal announced on April 9 sent the price of Bitcoin soaring above the $82,000 mark. While the coin has formed support at $80,000, volatility concerns remain visible.
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The spot Bitcoin ETF market revival is one major catalyst to watch beyond the macroeconomic shifts. The more institutional capital thta flows into the top coin, the more the chances of seeing a price rebound.
Over the past few weeks, the volatility in BTC’s price has forced ETF investors to withdraw from risk assets. Should this tide change, especially coupled with the enhanced regulatory pivot with a new U.S. SEC Chairman, sustainable bullish optimism may return to the market.
