Bitcoin Setting Up For A Sell Signal, Says Legendary Trader, But Where Exactly Is The Bottom?

by | Mar 27, 2026 | General

Veteran trader and chartist Peter Brandt flagged a pattern on Thursday signaling weakening bullish momentum for Bitcoin (CRYPTO: BTC).

Another Wave Of Selling?

Brandt, a technical analyst with nearly 50 years of experience, highlighted a rising wedge formation—a bearish technical analysis pattern that signals a potential reversal of an uptrend.

The pattern is characterized by price converging between two upward-sloping trendlines. As the price forms higher highs and higher lows, the narrowing pattern signals fading bullish momentum.

Key Support At Risk

Widely followed cryptocurrency commentator Michaël van de Poppe flagged something similar, pointing to Bitcoin’s ascending channel—formed by successive higher lows—as a key support zone.

“At this point, it’s quite clear that there’s not enough strength for the markets to move higher after that rejection at $75,000,” Van De Poppe said. “Would be looking at longs in the lower-$60,000 range.”

According to analyst Benjamin Cowen, Bitcoin could soon lose the key $60,000 support and slide all the way to $40,000–$50,000 as the year progresses.

The Bullish Argument

Despite widespread bearish outlooks, Galaxy CEO Mike Novogratz expected BTC to grind toward $80,000 before meeting real resistance, adding, “There are not a lot of sellers left.”

Meanwhile, bettors on the cryptocurrency prediction market, Polyamarket, were pricing in a 72% chance that Bitcoin reaches $80,000 before the year ends.

Price Action: At the time of writing, BTC was exchanging hands at $68,675.94, down 1.87% in the last 24 hours, according to data from Benzinga Pro.

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