Bitcoin price chart is now firmly bearish, according to veteran commodities trader Peter Brandt.
The analysis follows Bitcoin‘s weekend drop to $80,000 as geopolitical uncertainty continues to outweigh White House support. Specifically, the asset has been caught up in broader uncertainty over President Donald Trump’s tariff policy, Russia-Ukraine war stance, and government spending cuts, which have also seen traditional risk markets plummet.
Bearish Bitcoin
On Sunday, March 9, Brandt asserted that Bitcoin’s price chart was bearish as it had completed a double-top pattern forming on the daily candle chart since mid-December 2024 and a pennant forming since late February 2025. The former is a classic price reversal or bearish continuation pattern, while the latter is a continuation pattern.
To flip positive, the veteran trader contended that Bitcoin has to break above the top of the pennant around the $95,000 price point.
Interestingly, at least one other prominent analyst is betting on this positive reversal.
Anticipating a “tariff noise slowdown,” Standard Chartered Head of Digital Assets Research Geoffrey Kendrick opined in a Friday, March 7 note that Bitcoin could break above the $80,000 to $95,000 range soon.
“Buy weekend dip caused by lack of news from Trump tonight, look for a breakout of the top of this range soon (especially if the tariff noise can slow down for a while),” he wrote.
But failure to accomplish this breakout soon could expose Bitcoin to significant downside risk. In the early stages of the double top formation on the asset’s daily chart, Brandt had warned of a likely price drop to $75,000.
At the time of writing, Bitcoin has pared some of its weekend losses to trade at $82,500.
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