What to Know Peter Brandt argued Bitcoin remains below key resistance levels, delaying technical confirmation of a sustained bull market recovery phase. Northstar Charts identified the 50-wee
Veteran trader Peter Brandt has dismissed expectations of an imminent Bitcoin bull market, arguing that the cryptocurrency has yet to produce the technical signals that historically marked lasting recoveries. According to Brandt in a post on X, Bitcoin remains below major resistance levels identified in a weekly analysis from Northstar Charts, leaving the broader trend tilted to the downside.
Brandt endorsed Northstar Charts’ assessment while emphasizing that the current market structure does not justify bullish expectations. Rather than predicting immediate losses, he pointed to missing technical confirmations that previous market cycles delivered before sustained rallies began.
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According to Northstar Charts, Bitcoin remains below both the 50-week moving average and the Ichimoku Cloud after breaking beneath those indicators earlier this year. Moreover, the chart highlights a breakdown from a rising wedge formation near the previous cycle highs, reinforcing the prevailing bearish trend on the weekly timeframe.
The analysis also shows that Bitcoin has repeatedly failed to reclaim the 50-week moving average during recent recovery attempts. Additionally, price has stayed beneath the Ichimoku Cloud, which has acted as a significant resistance zone throughout the current market cycle.
According to Brandt in his post on X, he sees “nothing right now to suggest a bull market is urgent,” echoing Northstar Charts’ conclusion that Bitcoin must recover both technical levels before a sustainable uptrend becomes likely. Consequently, the current chart structure does not yet resemble conditions that supported previous bull market recoveries.
As a classical chartist I see nothing right now to suggest a bull market is urgent https://t.co/ICgz4Uk9ZH
— The Factor Report (@PeterLBrandt) August 3, 2026
Brandt also argued that Bitcoin has probably not reached a durable market bottom. Instead, he suggested that a meaningful low may not develop before October 2026, reinforcing his cautious outlook despite periods of price stabilization.
Besides the technical picture, blockchain activity has introduced another development that traders are monitoring closely. According to CryptoQuant analyst Maartunn, 500 Bitcoin that had remained dormant for more than ten years recently moved on-chain. Additionally, another 746 Bitcoin aged between three and five years also changed addresses in recent blocks.
Large transfers involving long-inactive coins often attract attention because they sometimes precede selling activity. However, such transactions do not automatically indicate that the coins will reach cryptocurrency exchanges or enter the market.
Meanwhile, some analysts maintain a more optimistic outlook. Crypto analyst Luke Martin highlighted a Kalshi post quoting CNBC host Jim Cramer saying he would sell all of his Bitcoin. Many cryptocurrency traders have historically viewed Cramer’s bearish market calls as contrarian indicators, interpreting negative sentiment as a potential signal for future price strength.
Brandt’s assessment nevertheless keeps the discussion centered on technical confirmation rather than market sentiment. Until Bitcoin reclaims its major resistance levels, the veteran trader maintains that the charts do not support expectations of a renewed bull market.
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The post Peter Brandt Backs Bearish Bitcoin Outlook as Key Resistance Keeps Bull Market on Hold appeared first on 36Crypto.
