Foreign media report that veteran trader Peter Brandt believes that, although Bitcoin has attempted to hold the $65,200 to $66,000 range following a de-escalation in the Middle East situation, its weekly chart remains under downward pressure. According to his analysis, the market currently shows no clear signs of an upward breakout.
Reject the "Bull Flag" pattern identification
Brandt opposes the market narrative that Bitcoin is about to break out. He argues that labeling the current movement as a "bull flag" is invalid, as, by traditional technical analysis definitions, such patterns typically last for a short duration, whereas this pullback has persisted much longer.
He noted that Bitcoin is still trading within a clear downtrend channel, with prices continuing to be pressured by short-term moving averages. The breakdown of the previous consolidation range has further strengthened bearish signals.
The short-term trend remains dominated by sellers.
The chart signal cited by Brandt shows that the Average Directional Index (ADX) is at 28.27, indicating that the current downtrend still has momentum. Under this assessment, Bitcoin may continue to move lower within the channel in the short term.
He also mentioned that the full cyclical bottom may not appear soon, possibly occurring in September or October 2026. This suggests that, in his view, the market is still in the process of finding its bottom.
The long-term target remains at $127,500.
Although the short-term outlook is bearish, Brandt has not abandoned the longer-term bullish expectation. According to his chart setup, the upper target for this cycle remains around $127,500, while the longer-term lower baseline is approximately $24,800 per coin.
However, he believes this bullish scenario hinges on Bitcoin first completing a genuine reversal and breaking upward out of the current downtrend channel. Only with a clear breakout signal can the market potentially resume its path toward new highs.