Bitcoin May Never Hit New ATH, Legendary Trader Peter Brandt Warns
Veteran trader Peter Brandt has warned that Bitcoin might never return to its previous all-time high, citing a potential head-and-shoulders pattern on a weekly chart.
Brandt posted a chart on X showing a massive head-and-shoulders formation, a pattern often associated with a bearish trend reversal.
The pattern consists of a left shoulder, a higher peak representing the head, and a lower right shoulder.
Bitcoin is now testing the neckline of this potential bearish formation, located around the $60,000 to $65,000 region.
Is this a legit H&S top in Bitcoin? If it is I can build a technical narrative that the ATH is in, not to be surpassed at least in my lifetime
Bitcoin price plunge
The warning comes amid one of Bitcoin's worst sell-offs this year, with the cryptocurrency losing nearly half its value since reaching its record high of $126,000 in October 2025.
Bitcoin suffered another massive crash on Saturday, Nov. 14, plunging to approximately $62,830, with its weekly losses exceeding 16%.
The downturn accelerated on Nov. 13, when Bitcoin fell below the psychologically important $70,000 level for the first time since August.
For comparison, Bitcoin closed at approximately $65,467 on Nov. 14, 2021. At the $62,830 level shown on Brandt's chart, Bitcoin was trading roughly 4% below its price exactly five years earlier.
Market drivers
The selloff was initially triggered by worsening macroeconomic conditions, particularly stronger-than-expected U.S. inflation data that increased expectations of another Federal Reserve interest rate hike in December.
A stronger U.S. dollar and rising Treasury yields, along with the Nvidia chaos, have also made riskier assets, including cryptocurrencies, less attractive to investors.
That historic rally was supported by strong institutional demand, substantial inflows into U.S. spot Bitcoin ETFs, and the increasingly crypto-friendly regulatory scene.
Brandt has not declared the pattern complete, and his warning remains conditional on whether the formation proves to be a legitimate head-and-shoulders top.
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