Peter Brandt, a veteran trader with decades of market experience, has taken a short position in Bitcoin futures.
Despite being a long-term holder of BTC, Brandt is trading against it in the short term based on technical signals that suggest further downside is possible.
Broadening Pattern Indicates Risk
On the daily chart, Brandt identified a broadening formation, sometimes referred to as a megaphone pattern. It shows five distinct swings, with the most recent top near $126,000. After this high, Bitcoin moved into a sideways range between $106,000 and $116,000 before dipping below the south boundary.
Source: Peter Brandt/X
Currently, the price sits near $109,500, following a 2% drop in the past day and 2% over the last week. This breakdown below the range supports Brandt’s short-term bearish setup. If the move continues, potential price levels to watch include $97,000 and $84,721.
Order Book Shows Liquidity Above Price
Market data from Coinglass shows that most of the order book liqu
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