Renowned investor and technical analysis expert Peter Brandt approaches Bitcoin’s recent recovery with caution. In his latest assessment shared on his social media account, he suggests that the rally could simply be a retest of the “broadening top” formation, also known as the megaphone pattern. In technical analysis, this formation is recognized as a signal that the bullish trend is nearing its peak and gearing up for a potential decline.
Debates Reignite
According to Brandt, Bitcoin’s failure to reach the upper band of the long-term price channel during its ascent this year has historically been a precursor to sharper declines. Thus, the seasoned analyst highlights the range extending from below $70,000 to $45,000 as a “potential target area.” Brandt evaluates the possibility that Bitcoin 
$91,081 might have already peaked in the current cycle at 30%.
In a graph shared at the end of November, Brandt used a hand-drawn “dead cat bounce” formation to describe the price correction from above $120,000 to around $80,000 as a typical five-wave decline. According to the analyst, the most concerning area for the market currently is the $88,000–$92,000 range.
What Awaits Bitcoin in 2025?
Starting December around $85,000, Bitcoin quickly gained momentum to climb to $94,000. This sudden rebound rekindled investors’ hopes for a “Christmas rally.” However, the $97,000 resistance targeted by retail investors remains unbroken, seen as both a psychological and technical profit-taking point.
Nonetheless, Bitcoin continues to dictate direction across the industry. Many major altcoins, particularly Ethereum 
$3,094, closely follow BTC’s movements. The Fear & Greed Index, an indicator of the crypto market’s sentiment, has gradually moved from the “extreme fear” zone after two months, hinting at a more optimistic outlook.
In addition to Brandt’s warnings, recent fluctuations in U.S. Bitcoin ETFs have drawn attention. The slowdown observed in BlackRock’s IBIT fund, in particular, indicates that institutional investors remain cautious amid short-term uncertainties. Experts believe the weakening ETF flows are factors limiting Bitcoin’s upward momentum. Combined with the megaphone pattern Brandt noted, this scenario signals indecision in the market.
