Veteran trader Peter Brandt has signaled a bearish outlook for Bitcoin, warning that the cryptocurrency could revisit the $58,000 level in the near term. Although Brandt clarified that he has not yet opened a position, he stated on X, “I am not in the bet yet, but if I were to bet it would be for a decline.”
Bitcoin is currently struggling to reclaim a key resistance zone near $67,260 after a sharp correction earlier this summer. Brandt’s chart highlights a large head-and-shoulders pattern that formed between April and June, with a neckline around $75,000. The pattern’s left shoulder developed in April (mid-to-upper $70,000s), the head peaked near $82,000 in May, and the right shoulder completed in late May/early June. Bitcoin’s break below $75,000 in early June triggered a sell-off that pushed prices below $60,000, and Brandt’s projection extends toward approximately $58,000—potentially retesting the 2026 lows.
Analyst Ted Pillows noted that a close above $65,000 would be needed to revive bullish momentum, with a move through the $67,260–$68,000 zone giving bulls a temporary edge.
Adding to the bearish pressure, on-chain data from Lookonchain reveals heavy whale selling. One large holder sold an additional 1,019 BTC (worth ~$66.4 million), bringing its total offloaded to 7,513 BTC—approximately $486.9 million over the past three weeks. Such sustained distribution could further weigh on Bitcoin unless demand picks up.
