Veteran trader Peter Brandt has delivered a stern warning to the crypto market, dismissing the recent Bitcoin rebound as a deceptive move. In his latest chart analysis, Brandt categorically stated that a reliable bottom pattern has 'NOT NOT NOT' been formed, labeling the local price rise as a trap rather than the start of a new bull rally.
Brandt’s technical view is reinforced by sobering U.S. macro data. The Producer Price Index (PPI) surged to 6% year-over-year, far exceeding the forecast of 4.8%, while Core PPI climbed to 5.2%. Adding to the bearish case, the Bureau of Labor Statistics revised April’s figures upward from 4.0% to 4.3%, effectively admitting an earlier understatement of inflation. This acceleration in inflation, according to Brandt, exposes the current Bitcoin optimism as a temporary speculative window fueled by short-term liquidity inflows.
From a charting perspective, Brandt identifies a bear channel that began forming from the February lows. Bitcoin, trading near $79,660, is facing firm rejection at the upper boundary of this channel. He highlights a critical make-or-break level: a daily close below $79,145, measured by the Average True Range (ATR) indicator, would signal buyer capitulation. In that scenario, Brandt expects Bitcoin to first retrace to the middle of the channel, then potentially slide toward its lower boundary.
The analysis arrives as global oil reserve depletion looms and high-risk assets show early signs of weakness, further supporting Brandt's outlook of a prolonged decline with no true bottom yet in sight.
