Veteran trader Peter Brandt has posted a warning about Bitcoin, suggesting the world's largest cryptocurrency might never return to its previous all-time high. In a recent post on X, Brandt shared a weekly Bitcoin chart showing what appears to be a massive head-and-shoulders formation, a technical pattern commonly associated with bearish trend reversals.
According to Brandt's analysis, Bitcoin is currently testing the neckline of this potential bearish formation, located around the $60,000 to $65,000 region. A confirmed breakdown below this level could indicate that Bitcoin has entered a prolonged bearish trend. However, 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.
Bitcoin has experienced significant losses in recent weeks. The cryptocurrency plunged to approximately $62,830 on November 14, with weekly losses exceeding 16%. This selloff extended declines that accelerated when Bitcoin fell below the psychologically important $70,000 level on November 13 for the first time since August.
The downturn has been attributed to worsening macroeconomic conditions, including stronger-than-expected U.S. inflation data that increased expectations of another Federal Reserve interest rate hike in December. A stronger U.S. dollar, rising Treasury yields, and broader market pressures have also made riskier assets, including cryptocurrencies, less attractive to investors.
Bitcoin's decline is particularly notable when measured against historical benchmarks. On November 14, the cryptocurrency was trading at roughly 4% below its price exactly five years earlier. Bitcoin's most recent all-time high was recorded on October 6, 2025, when it surged above $126,000, supported by strong institutional demand, substantial inflows into U.S. spot Bitcoin ETFs, and favorable regulatory conditions at that time.
