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BTC Key Information
Peter Brandt believes that Bitcoin is still below key resistance levels and a recovery phase for a continued bull market has not yet been confirmed. The Northern Star Chart points out that the 50-week moving average and the Ichiomu equilibrium chart are key resistance levels that Bitcoin must regain its footing before rising further. The "sleeping transfer" involving 1246 bitcoins attracted the attention of traders, while Luke Martin emphasized that despite cautious technical signals, there was reverse optimism in the market.
Veteran traders are bearish on the Bitcoin bull market
Veteran trader Peter Brandt denied expectations that Bitcoin is about to usher in a bull market, believing that the cryptocurrency has not yet appeared in history. Technical signals that mark a lasting recovery. Brandt posted on the X platform that according to the weekly analysis provided by the Northern Star Map, Bitcoin is still below the main resistance level and the overall trend is still short. He recognized the judgment of the Northern Star Chart, while emphasizing that the current market structure does not support bullish expectations. He did not predict an immediate decline in prices, but pointed out that the technical confirmation conditions that had existed before previous market cycles started to continue to rise have not yet emerged.
Bitcoin faces technical obstacles
According to the Northern Star Chart analysis, Bitcoin is still below these two indicators after falling below the 50-week moving average and the Ichimoji equilibrium chart earlier this year. In addition, the chart shows that Bitcoin has broken out of its rising wedge pattern near the highs of the previous cycle, further strengthening the bearish trend at the weekly level. The analysis also pointed out that Bitcoin has repeatedly failed to regain its 50-week moving average in recent rebound attempts. At the same time, prices have always been below the Ichiomu equilibrium chart, which constitutes an important area of resistance throughout the market cycle.
Brandt wrote on the X platform that "there is no indication that a bull market is imminent", which is consistent with the conclusion of the Northern Star Chart-Bitcoin must first recover these two technical indicators before it can usher in a sustained upward trend. Therefore, the current chart structure does not yet have the conditions to support the previous bull market recovery. As a classic chart analyst, I currently see no sign that a bull market is imminent.
Brant also believes that Bitcoin may not have yet reached a permanent market bottom. Instead, he pointed out that meaningful lows may not occur until October 2026, further reinforcing his cautious view during a period of price stabilization.
Sleeping Bitcoin transfer attracts market attention
In addition to technical aspects, there are also new trends in chain activities that traders pay close attention to. According to CryptoQuant analyst Maartunn, 500 bitcoins that have been silent for more than a decade have recently been transferred online. In addition, another 746 bitcoins between 3 and 5 years old have also changed addresses in recent blocks. Large transfers involving long-standing bitcoins often attract attention because such operations sometimes precede the sale. However, such transactions do not automatically mean that these bitcoins will enter cryptocurrency exchanges or flow into the market.
At the same time, some analysts are still more optimistic. Cryptocurrency analyst Luke Martin quoted a Kalshi post that mentioned CNBC host Jim Cramer saying he would sell all bitcoins. Historically, many cryptocurrency traders have viewed Cramer's bearish remarks as a contrarian indicator, that negative sentiment may signal a stronger price in the future.
Still, Brant's assessment brings the discussion back to technical confirmations rather than market sentiment. The veteran trader believes that the chart does not support expectations for a new bull market until Bitcoin regains its main resistance level.
