Veteran trader Peter Brandt has spotted a potentially risky pattern in Bitcoin’s recent price movement–just as BTC attempts to stabilize above the critical $80,000 level. His caution comes amid renewed investor enthusiasm sparked by macroeconomic shifts, but technical signals point to a mixed outlook.

Inverse Head‑and‑Shoulders Pattern Faces Retest

Brandt identifies the current structure as a reverse Head and Shoulders (H&S) pattern–a formation traditionally viewed as bullish. However, he warns that repeated trendline violations since 2022 have weakened its reliability. While this setup could signal further gains, it’s undergoing a retest phase that brings added uncertainty.

Market behavior remains volatile. The price briefly surged beyond $82,000 following the April 9 tariff reversal announcement, before retreating. According to Brandt, the H&S pattern originally began forming in November 2024, and its resolution will likely hinge on whether Bitcoin can sustain momentum above key technical thresholds.

Support at $80K Holds – For Now

The $80,000 level has become a battleground. After a brief dip earlier in the week, Bitcoin rebounded, forming temporary support that sparked bullish speculation. But the parabolic trend that previously defined BTC’s rise has been broken multiple times–a red flag for long‑term momentum.

Brandt notes that despite the bounce, persistent breakdowns in the trendline diminish the strength of the current bullish phase. Without renewed buying pressure, the pattern may lose its potential to drive prices higher.

Outlook Split Between Bulls and Skeptics

While some analysts are optimistic that new inflows could restore momentum, Brandt remains cautious. He previously projected a major peak at $109,000 before warning of an eventual correction. Now, the market sits at a critical juncture–one that could either confirm a recovery or give way to a deeper consolidation phase.

The coming days may prove pivotal. Should Bitcoin fail to hold above $80,000, Brandt’s pattern analysis suggests the rally could stall. But if investor sentiment strengthens and key levels are reclaimed, BTC might yet resume its ascent.

In the meantime, BTC/SPX ratio emerges as key signal amid rising market volatility.