Legendary trader Peter Brandt posted on X a weekly Bitcoin chart showing what appears to be a massive head-and-shoulders formation, a technical pattern commonly associated with a bearish trend reversal. The cryptocurrency is now testing the neckline of this potential bearish formation, located around the $60,000 to $65,000 region, and a confirmed breakdown below it could indicate a prolonged bearish trend, although Brandt has not declared the pattern complete. The warning comes after another massive crash on Saturday, Nov. 14, with Bitcoin plunging to approximately $62,830 and weekly losses exceeding 16%, having fallen below the psychologically important $70,000 level on Nov. 13. The selloff was triggered by stronger-than-expected U.S. inflation data, which raised expectations of another Federal Reserve interest rate hike in December, along with a stronger U.S. dollar, rising Treasury yields and the Nvidia chaos. At that level, Bitcoin trades roughly 4% below its Nov. 14, 2021 price and remains well under its Oct. 6, 2025 record above $126,000, which had been driven by strong institutional demand, substantial inflows into U.S. spot Bitcoin ETFs and a crypto-friendly regulatory environment.
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