Veteran trader Peter Brandt has flagged a potential Bitcoin bottom — but he’s cautious: the chart may be forming an inverted head-and-shoulders, yet confirmation is still missing.
BTC traded around $64,000 on July 16 after failing to sustain levels above $65,000. The coin has bounced roughly 12% from a late-June low under $58,000, briefly spiking above $65,400 before slipping back toward $64,000 — an indication buyers haven’t secured a clean breakout.
On X (formerly Twitter) Brandt posted a chart showing what he called a “VERY VERY UNCONVENTIONAL” inverted head-and-shoulders and emphasized, “We do NOT know yet.” An inverted H&S typically features three troughs with the middle low deeper than the outer two; traders usually wait for a decisive break above the neckline to treat the pattern as confirmed. Bitcoin has not yet completed that move.
The tentative bottom comes amid mixed market signals. A Bitfinex Alpha note argued the recent recovery leaned more on changing interest-rate expectations after softer U.S. inflation data than on sustained, crypto-native demand. Bitfinex described the rally as “borrowed strength,” pointing to limited spot absorption, a persistently negative Coinbase premium, and uneven ETF demand.
ETF flows underscore that inconsistency: U.S. spot Bitcoin ETFs recorded $424.7 million in net outflows on July 13, then $181.1 million of inflows the following day. Bitfinex highlighted $68,000–$68,300 as a key decision zone, arguing that stronger ETF inflows and steady spot buying would be needed to cement acceptance above that range.
Brandt’s latest view continues a cautious thread. In January he suggested BTC could test $58,000–$62,000 — a range the market later reached — and his June charts showed BTC below its 18-week moving average, outside a rising channel, even as whale selling eased. Other analysts still cite deeper potential floors: some cycle-based estimates place a possible bottom near $38,000 if this decline mirrors older Bitcoin cycles.
Bottom line: Brandt’s chart raises a plausible bottoming scenario, but it’s an early possibility, not a confirmed reversal. For a sustained recovery, Bitcoin will need to reclaim resistance, draw steady spot demand and see consistent ETF inflows.
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