Veteran trader Peter Brandt said he sees a greater chance of further downside in Bitcoin and would lean bearish, though he added that he has not placed a trade. A chart he shared on X pointed to a head-and-shoulders pattern formed between April and June and suggested BTC could fall back toward $58,000, while short-term resistance remains near $67,260. Brandt's setup centers on a bearish reversal formation that broke below its neckline around $75,000 in early June, a move that was followed by a drop from roughly $75,000 to below $60,000. His projected path indicates Bitcoin could retest around $58,000 if selling pressure persists. Other market watchers have highlighted recovery levels that could shift momentum. Analyst Ted Pillows said a close above $65,000 would be needed to restore bullish momentum, while a move through the $67,260-$68,000 area could temporarily hand control back to buyers. On-chain data has also pointed to continued distribution by large holders, with blockchain analytics platform Lookonchain saying a whale sold another 1,019 BTC worth about $66.4 million and has offloaded 7,513 BTC valued at roughly $486.9 million over the past three weeks.