The veteran trader said Bitcoin still shows no technical sign of an imminent bull market and argued the market has not yet bottomed, with a durable low before October 2026 unlikely.
Peter Brandt said Bitcoin's chart still does not show a compelling case for a new bull market, reiterating on X that, as a classical chartist, he sees no technical evidence that a bull run is imminent. He also said the market has not yet bottomed and argued a sustained low before October 2026 is unlikely. The view reinforces the existing bearish technical backdrop, which had focused on Bitcoin trading below the 50-week moving average and the Ichimoku Cloud after a breakdown from a rising wedge near cycle highs. Separately, CryptoQuant analyst Maartunn had flagged transfers of older dormant Bitcoin, while some traders continued to point to contrarian sentiment as a possible bullish counterweight.