Veteran trader Peter Brandt has issued a cautionary observation regarding Bitcoin, suggesting that the leading cryptocurrency may never again reach its previous all-time high. Brandt highlighted the potential formation of a head-and-shoulders pattern in Bitcoin’s technical chart, which could signify a long-term bearish trend. With decades of experience in commodity and financial markets, Brandt’s technical analysis is widely respected in the trading community.
Testing Crucial Levels
On Brandt’s weekly Bitcoin chart, the head-and-shoulders formation comprises a left shoulder, a higher peak for the head, and a lower right shoulder. The price currently tests the neckline, situated in the $60,000 to $65,000 range. A breach below this level might confirm a prolonged bearish phase, reinforcing concerns of further depreciation.
Peter Brandt emphasizes that if Bitcoin’s current structure evolves into a valid head-and-shoulders top, previous peaks might not be revisited.
However, he has not declared the formation complete. His warning hinges on whether the structure indeed morphs into a valid top formation, thus marking it as a noteworthy risk to monitor rather than a definitive outcome.
Selling Pressure Intensifies
Bitcoin faced a sharper decline on November 14, Saturday, extending the intense selling wave that began earlier in the week. The cryptocurrency’s value slumped to approximately $62,830, marking a weekly loss exceeding 16%. The downward trajectory accelerated on November 13 as Bitcoin dipped below the psychologically crucial $70,000 mark for the first time since August.
Macroeconomic factors, notably the higher-than-expected U.S. inflation data, have intensified the selling pressure. The data bolstered expectations of another Federal Reserve interest rate hike in December. A stronger dollar, rising bond yields, and volatility surrounding Nvidia have collectively diminished interest in riskier assets like cryptocurrencies.
Bitcoin’s drop below its price from five years ago has sparked fresh debates about its long-term performance.
A Five-Year Perspective
Bitcoin had reached its historical peak of approximately $69,000 on November 10, 2021. Five years hence, the price descended below this milestone, closing at around $65,467 on November 14, 2021. With the price currently hovering around $62,830, Bitcoin is trading roughly 4% lower than its level five years ago.
The last all-time high was recorded on October 6, 2025, when Bitcoin surpassed $126,000. During that surge, institutional demand, robust inflows into U.S. spot Bitcoin ETFs, and a more crypto-friendly regulatory environment played pivotal roles. However, the recent sell-off has cut Bitcoin’s value by about half since its October 2025 peak.
