- Peter Brandt identifies Bitcoin’s dip as a technical retest within a broader bullish formation completed in late 2024.
- Bitcoin surged past $82,000 following a tariff reversal, which helped establish new support near the $80,000 level.
- Renewed spot ETF interest and regulatory changes could support continued Bitcoin price strength if investor sentiment holds.
Veteran trader Peter Brandt has pointed to Bitcoin’s recent price dip as a technical retest of an inverse Head and Shoulders formation completed in November 2024. According to a chart he shared, the pattern, which historically signals potential upward trends, remains intact despite a sharp decline earlier this week.
Brandt noted that this pattern has held through multiple pullbacks, including at least seven violations of the parabolic advance from the November 2022 bottom.
Tariff reversal lifts Bitcoin above $82K
A key trigger behind Bitcoin’s recent surge was the announcement of a tariff rollback on April 9. This policy shift caused the digital asset to climb above the $82,000 mark. Since then, Bitcoin has found support near the $80,000 level. Despite the positive reaction, volatility persists, and market participants continue to monitor the coin’s movement closely.
Institutional interest remains a significant factor. The resurgence in spot Bitcoin ETF activity has added fresh optimism to the market. Recent price swings have driven some investors away from risk, but that trend could shift if confidence in regulatory policies improves. The appointment of a new U.S. Securities and Exchange Commission Chair is seen as a potential pivot point for crypto-friendly oversight.
Brandt remains cautious on long-term direction
While Peter Brandt did not update his earlier price projection, which had seen Bitcoin topping $109,000 in January, his latest remarks suggest the structure for a bullish continuation remains viable. However, he flagged that the violation of the long-term parabolic pattern introduces uncertainty. Still, the resilience of the current chart setup indicates a possible continuation of the rally if broader market conditions align.
Bitcoin’s latest price action underscores the combined influence of global policy shifts and institutional market behavior. As investors assess these signals, attention remains on how sustained the recent breakout will be and whether further gains can be consolidated above $80,000.
