Veteran commodity trader and chartist Peter Brandt has poured cold water on a viral bullish theory circulating on social media, warning traders that the "massive" reversal pattern they are hoping for does not actually exist.
Brandt stopped short of predicting a price crash, but he took aim at the technical analysis skills of crypto influencers, specifically debunking the claim that Bitcoin is forming a multi-year "inverse head and shoulders" pattern.
The viral "6-year" theory
The rebuke was directed at a post by crypto analyst Coinvo Trading, which claimed that Bitcoin was on the verge of completing a massive bullish structure that has been building for half a decade.
The post urged traders to ignore "bearish noise," predicting that Bitcoin could "bottom at any moment" and launch into a cycle-defining pump.
The inverse head and shoulders is a classic technical setup that typically signals the end of a downtrend and the start of a new bullish phase.
Brandt, a classical chartist with decades of experience, was quick to dismiss the analysis.
"Bitcoin may go up," Brandt conceded. "But this is NOT an inverse H&S."
Brandt went on to express frustration with the loose interpretations of technical analysis often seen on social media platforms.
"The level of incompetence about classical charting principles on X and YouTube is unbelievable," he stated.
A "6-year" pattern often violates the time constraints typically associated with a head and shoulders formation, which is usually a medium-term reversal structure rather than a decade-long cycle map.
Vladislav Sopov
Dan Burgin