Veteran trader Peter Brandt has pushed back against claims that Bitcoin could reach $250,000 in 2026.
Summary
- Peter Brandt said Bitcoin’s rising channel does not confirm a strong bullish bottoming pattern.
- Bitcoin traded near $76,000 to $78,000 after rebounding from February’s $60,000 support zone.
- On-chain data showed fresh capital inflows, but retail Bitcoin participation remained weak.
His latest chart review warned traders against treating recent price action as the start of a strong breakout. Brandt said Bitcoin has formed an ascending parallel channel over recent weeks. He said the structure can allow more gains, but it does not confirm a major bottom.
“This is called a channel,” Brandt said. “While it does not preclude further price gains, it is NOT a bullish bottoming pattern.”
Bitcoin remains inside rising channel
Bitcoin has been trading near the $76,000 to $78,000 range after recovering from a sharp decline earlier this year. The asset dropped toward the $60,000 support area in February before staging a slow rebound.
Brandt’s chart showed BTC moving higher inside a controlled channel. Such a pattern can show short-term strength, but it can also limit momentum if buyers fail to push price above resistance.
A stronger breakout would require Bitcoin to move above the channel with rising volume. Without that move, traders may continue watching the current range for direction.
Market data shows mixed signals
On-chain analyst Ali Martinez pointed to low short-term Bitcoin participation. He said the share of Bitcoin held by buyers from the past month has fallen below 7%.
According to Ali, this shows weak retail activity and a quieter market. He said past cycles have seen similar readings near areas where selling pressure started to fade.
Ali also said about $3 billion has entered the crypto market over the past 30 days. He described it as the first positive net capital inflow since December.
Additionally, the new inflows suggest market liquidity has started to improve after months of weaker activity. However, Bitcoin still needs stronger buying pressure to confirm a larger move.
For now, Brandt’s view places caution over the $250,000 Bitcoin price target. His analysis suggests the current structure does not yet support such an aggressive 2026 forecast.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
