Veteran trader Peter Brandt has identified a possible inverted head-and-shoulders bottom pattern on Bitcoin's chart, describing the formation as "very, very unconventional" and emphasizing that confirmation remains premature. Bitcoin rebounded roughly 12% from a swing low below $58,000, but the rally stalled near $65,000, failing to secure a clean breakout above resistance.
Brandt shared his analysis on X, noting the developing structure could signal improving momentum if price action confirms the setup. However, he cautioned, "We do NOT know yet." The rebound occurred alongside comments from BlackRock CEO Larry Fink, who said a recent market shakeout had removed excessive leverage, potentially creating a more stable environment for crypto markets. In contrast, NYDIG projected a deeper cycle low between $38,000 and $39,000 based on historical corrections, highlighting lingering downside risk.
Spot Bitcoin ETF flows have been inconsistent, with $424.7 million in net outflows on July 13 followed by $181.1 million in inflows the next day. Analysts at Bitfinex warned that the recovery relied more on shifting interest-rate expectations than on sustained Bitcoin-specific buying, with the $68,000–$68,300 zone seen as a key decision area. Brandt’s observation therefore arrives against a backdrop of cautious optimism and mixed technical signals, leaving the potential Bitcoin bottom unconfirmed for now.
