Veteran Analyst Peter Brandt Warns Bitcoin Could Fall to $56,000 on Expanding Triangle Pattern

According to veteran analyst Peter Brandt, Bitcoin is forming an expanding triangle pattern that could trigger a downward breakout to approximately $56,000, based on his technical analysis shared on X in late May. The analyst, who has 50 years of market experience, noted that expanding triangles are common in Bitcoin's price history and are generally considered reliable patterns.

Brandt added that his bearish outlook would become invalid if BTC forms a position above $75,000. Bitcoin surged above $82,000 in early May but has since fallen to around $65,000 due to rising Middle East geopolitical tensions and ETF outflows.