Veteran trader Peter Brandt argues that classic chart analysis is as valid in the Bitcoin market as it was in commodity trading decades ago. By comparing a soybean chart from 1977 with a Bitcoin chart from last year, Brandt suggested that similar technical structure was repeated in different periods and markets.
Classical formation emphasis
In both charts shared by Brandt, the expanding peak formation stands out. In this structure, as the price rises, volatility also increases; As the tops move higher, the bottoms move lower. Thus, the transaction range increases and a megaphone-like appearance is created. In technical analysis, this chart may indicate that the difference of opinion between buyers and sellers is deepening.
Mini dictionary: An expanding top is a technical formation in which the price fluctuation becomes larger and the upper and lower trend lines move away from each other. This structure indicates that uncertainty about direction increases and the movement after the break may harden.
“The more things change, the more things stay the same. The old way still works.”
Stating that in the soybean example, the price eventually fell below the lower trend line of the formation, Brandt thinks that a very similar sequence is followed in Bitcoin. According to him, after creating this structure in the region near the cycle peaks in late 2025, BTC sagged below the support and then entered a longer-term correction process.
Bottom warning for Bitcoin
In his assessment at the beginning of the summer, Brandt said that Bitcoin had reached the first downward target, but a permanent bottom formation has not yet been seen. He did not rule out the possibility of the market testing lower levels.
In his assessment at the beginning of June, Brandt noted that Bitcoin met its first target at the bottom level in February, but this did not prevent a lower level or a final hard sell, and that he waited until October for a transactionable bottom.
Peter Brandt has been known as a well-known technical analyst in the commodity and financial markets for many years. In his recent posts, he also highlighted the view that gold could show a stronger performance than Bitcoin in the short term.
Gold preference stood out
Earlier in the month, Brandt argued that gold looks poised to outperform BTC based on the XAU/BTC ratio. For this reason, he announced that he was considering selling some of his Bitcoin assets and turning to gold.
On the other hand, Brandt also reminded that his biggest mistake in the past was not buying more and holding Bitcoin for a long time when it was trading at $ 400. This assessment indicates that despite its cautious short-term outlook, Bitcoin has not completely ignored its long-term potential.
