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Veteran Trader Brandt Turns Cautious
Despite being a long-term Bitcoin holder, trader Peter Brandt has recently signaled a more cautious outlook. He noted on social media:
“No tips. It is brutal. I hate when I have to bisect my brain. It is actually painful. Mostly happens in stocks.”
Brandt’s view is informed by technical patterns rather than short-term speculation, highlighting the challenges traders face when interpreting extreme market volatility.
Past Predictions and Long-Term Outlook
In August, Brandt suggested there was a 30% chance that Bitcoin had already peaked in the current cycle. Despite this caution, he maintains a long-term bullish vision, projecting that BTC could eventually reach $500,000 by November 2026.
Understanding the Bearish Megaphone Pattern
Brandt’s current caution stems from the bearish “megaphone” pattern, a formation characterized by increasing price volatility and a broadening wedge structure.
For Bitcoin, this appears as a broadening top, where the upper and lower trendlines diverge, signaling that both bulls and bears are becoming increasingly aggressive. Analysts note:
“A daily close below the lower trendline is likely to see a bearish reversal.”
Bitcoin Price Action This October
Bitcoin hit a new all-time high of $126,080 on October 6. However, the cryptocurrency is now on track to finish October in the red, a scenario not seen since 2018.
Earlier today, BTC fell to an intraday low of $106,464 but later recovered above $110,000, reflecting ongoing market swings and volatility.
