Veteran trader Peter Brandt has identified a possible bottoming structure on Bitcoin’s chart after the cryptocurrency rebounded from its late-June lows. Brandt stressed that traders still lack enough evidence to confirm the setup.
Summary
- Peter Brandt sees a possible Bitcoin bottom pattern but stresses that confirmation remains far away.
- Bitcoin rebounded from below $58,000, but the recovery remains stalled around the $65,000 resistance zone.
- Recent ETF flows and macro relief support Bitcoin, while weak spot demand keeps analysts cautious.
Bitcoin traded near $64,000 on July 16 after failing to hold above $65,000. It has recovered from below $58,000, but questions remain over whether spot demand can support a broader reversal.
Brandt flags an unconventional Bitcoin bottom pattern
In aJuly 16 post on X, Brandt said Bitcoin’s chart could be developing an inverted head-and-shoulders bottom. He described the structure as “VERY VERY UNCONVENTIONAL” and added, “We do NOT know yet.” He presented the formation as an early possibility rather than a confirmed signal.
An inverted head-and-shoulders pattern includes three price troughs, with the middle decline extending below the surrounding lows. Traders often wait for a break above the neckline before treating the setup as confirmed. Bitcoin has not completed such a move.
Bitcoin rebound meets resistance near $65,000
Bitcoin has gained roughly 12% from its recent swing low below $58,000, but the rebound has struggled around $65,000. The cryptocurrency briefly moved above $65,400 before returning toward $64,000, showing that buyers have not secured a clean breakout.
Notably, Brandt took a cautious view in June when Bitcoin traded near $65,000. His chart showed BTC below its 18-week moving average and outside a rising channel, while on-chain data showed large holders moving coins away from exchanges as selling eased.
Spot demand remains a key question for Bitcoin
Bitcoin’s possible bottom pattern appears as other market indicators send mixed signals. A recent Bitfinex Alpha report said Bitcoin’s recovery relied heavily on changing interest-rate expectations following softer US inflation data rather than sustained Bitcoin-specific buying.
As reported by crypto.news, Bitfinex called the rally “borrowed strength” because spot absorption remained limited, the Coinbase premium stayed negative and ETF demand lacked consistency. US spot Bitcoin ETFs recorded $424.7 million in net outflows on July 13 before attracting $181.1 million the next day.
The pattern therefore appears against a market backdrop that still lacks the steady demand seen during stronger Bitcoin uptrends. Bitfinex identified the $68,000 to $68,300 area as a key decision zone and said stronger ETF inflows and steady spot buying could support acceptance above that range.
Bearish Bitcoin scenarios remain in play
Brandt’s latest observation follows months of cautious Bitcoin forecasts. In January, he said the cryptocurrency could fall toward $58,000 to $62,000, a range Bitcoin later reached during the 2026 downturn. His more recent charts also showed weakness even as whale selling slowed.
Other researchers have kept deeper downside targets in view. A crypto.news analysis of Bitcoin’s bear-market levels noted that some cycle-based forecasts place a possible floor near $38,000, though those projections depend on the current decline repeating older Bitcoin cycles.
Brandt has not declared that Bitcoin has completed a bottom. His chart points to a structure that may develop if price action improves, but his warning leaves confirmation unresolved. Bitcoin’s ability to reclaim resistance, attract steady spot demand and sustain ETF inflows remains central to the recovery.
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