Peter Brandt: Bitcoin bottom unconfirmed, bear channel looms

On May 13, veteran trader Peter Brandt posted on social platform X that Bitcoin has not formed a recognizable bottom, pointing to a possible bear channel that begins at the February low. Brandt identified an Average True Range (ATR) close below $79,145 as a trigger that could lead to further declines toward the channel midpoint and then the channel’s lower edge.

Brandt’s chart showed Bitcoin trading near the upper boundary of the channel, where recent gains appeared to meet resistance. A bear channel is formed by two parallel trend lines that contain price movement; in this case the lines slope upward from the February low but, in Brandt’s view, can still act as a bearish structure if price fails at the upper line.

The ATR measures average price movement over a set period. Brandt is watching for a volatility-adjusted close beneath $79,145; he wrote on X, “A recognizable bottom has NOT NOT NOT been completed in bitcoin.” He added that a close below the ATR trigger would point to a retreat to the channel midpoint and possibly the lower boundary if selling continued.

Earlier this year Brandt mapped other downside scenarios. He previously projected a decline toward $58,000–$62,000 based on weakening chart structures. In April he outlined a longer-term cycle view that places a potential investable low in September or October 2026 and a possible cycle peak in September or October 2029 in the range of $300,000–$500,000. Brandt began his market career in 1975 and regularly uses classical chart patterns in his analysis.

The upcoming sessions will show whether Bitcoin holds above the $79,145 threshold Brandt highlighted. His post presented a technical view rather than a statement about overall market sentiment, and it specified the price levels and chart targets he is monitoring.