Veteran trader Peter Brandt has raised concerns about Bitcoin’s long-term outlook, arguing that the largest cryptocurrency could struggle to recover its previous peak above $126,000.
Major technical warning from Brandt
Brandt, a well-known figure in the trading community, shared a Bitcoin weekly chart displaying what appears to be a clear head-and-shoulders top—an indicator often linked to trend reversals and future price weakness. His analysis surfaced during a significant downturn for Bitcoin, which has surrendered nearly half its value since its October 2025 all-time high.
The chart highlighted by Brandt shows the classic structure: a left shoulder, a higher central peak (the head), and a lower right shoulder. The “neckline” supporting this formation sits between $60,000 and $65,000, and Bitcoin is currently testing this critical level.
Brandt cautioned that a decisive break below the neckline could signal a prolonged bearish phase for Bitcoin, though he emphasized that the head-and-shoulders pattern remains unconfirmed and conditional upon further price action.
Despite the gravity of his warning, Brandt indicated that this scenario is not yet fully established, urging traders to watch for a confirmed breakdown before drawing final conclusions.
Mini dictionary: Head-and-shoulders pattern, a technical analysis chart formation signaling a possible reversal of an asset’s price trend. Typically, it turns up in both bullish-to-bearish and bearish-to-bullish market cycles, depending on whether the formation is inverted or standard.
Sharp recent drops and market pressure
The latest sell-off intensified over the weekend, with Bitcoin dropping to about $62,830. Weekly losses have now surpassed 16%, making this one of the sharpest corrections of the year for the digital asset.
Bitcoin’s decline quickened on November 13 when the price fell beneath the key psychological level of $70,000. This marked the first move below that threshold since August, compounding investors’ concerns.
| Date | Bitcoin Price | Change from Peak |
|---|---|---|
| Oct. 6, 2025 (All-time high) | $126,000+ | — |
| Nov. 14, 2021 | $65,467 | — |
| Nov. 14, 2026 (Recent drop) | $62,830 | −50% from all-time high |
External factors weigh on Bitcoin
Analysts link the current sell-off to several macroeconomic factors. Stronger-than-expected US inflation data have raised expectations for another Federal Reserve interest rate hike in December, pressuring high-risk assets. A robust US dollar and rising Treasury yields have increased the opportunity cost of holding Bitcoin and other cryptocurrencies.
Additionally, volatility in tech stocks such as Nvidia has amplified uncertainty, further reducing risk appetite among investors. This combination of factors has hit the wider digital asset market particularly hard.
Bitcoin’s all-time high occurred on October 6, 2025, with prices climbing above $126,000, driven by robust institutional inflows and the launch of several US spot Bitcoin ETFs. Those developments helped propel the cryptocurrency to record territory less than five years after its previous milestone high.
For reference, Bitcoin last reached its then-record level of approximately $69,000 in November 2021. Despite surpassing this price in 2025, the cryptocurrency has since pulled back below that previous high, trading this week around $62,830.
