Peter Brandt warns Bitcoin could revisit $58K

Bitcoin hovered near $65,000 on Aug. 10 as veteran trader Peter Brandt leaned toward another decline, pointing to a large head and shoulders structure that broke down earlier this summer. Summary Bitcoin trades near $65,000 while Peter Brandt says he would currently bet on another decline. Brandt’s head and shoulders chart points toward $58,000 if Bitcoin fails to reclaim resistance soon. Bitcoin’s daily chart shows ADX near 11.16, signaling weak trend strength during current consolidation conditions. U.S. spot Bitcoin ETFs recorded more than $850 million in net inflows across five sessions. Lookonchain tracked one whale selling 7,513 BTC worth roughly $486.9 million during three recent weeks. Brandt said he had not entered a trade, but wrote that “if I were to bet it would be for a decline.” The cautious view comes as the crypto tries to stabilize above its 54 day moving average while U.S. spot Bitcoin ETFs attract more than $850 million in weekly inflows. That leaves the market caught between improving institutional demand and a technical structure that has not yet cleared resistance around $67,260. Bitcoin indicators show a weak trend below $67,260 On the supplied BTC/USD daily ...