Bitcoin Setting Up For A Sell Signal, Says Legendary Trader, But Where Exactly Is The Bottom?

Veteran trader and chartist Peter Brandt flagged a pattern on Thursday signaling weakening bullish momentum for Bitcoin (CRYPTO: BTC). Another Wave Of Selling? Brandt, a technical analyst with nearly 50 years of experience, highlighted a rising wedge formation—a bearish technical analysis pattern that signals a potential reversal of an uptrend. The pattern is characterized by price converging between two upward-sloping trendlines. As the price forms higher highs and higher lows, the narrowing pattern signals fading bullish momentum. Bitcoin setting up for a rising wedge sell signal $BTC pic.twitter.com/NTzz30azWy— Peter Brandt (@PeterLBrandt) March 26, 2026 Key Support At Risk Widely followed cryptocurrency commentator Michaël van de Poppe flagged something similar, pointing to Bitcoin’s ascending channel—formed by successive higher lows—as a key support zone. “At this point, it’s quite clear that there’s not enough strength for the markets to move higher after that rejection at $75,000,” Van De Poppe said. “Would be looking at longs in the lower-$60,000 range.” The ultimate question for $BTC:When do we break the uptrend with higher lows?If that happens in the final days, we'll start to see an acceleration downwards, and that's only going to bring us faster towards the potential bottom of this range and a reversal.At this point,… pic.twitter.com/vem6zydr8z— Michaël van de Poppe (@CryptoMichNL) March 26, 2026 According to analyst Benjamin Cowen, Bitcoin could soon lose the key $60,000 support and slide all the way to $40,000–$50,000 as the year progresses. The Bullish Argument Despite widespread bearish outlooks, Galaxy CEO Mike Novogratz expected BTC to grind toward $80,000 before meeting real resistance, adding, “There are not a lot of sellers left." Meanwhile, bettors on the cryptocurrency prediction market, Polyamarket, were pricing in a 72% chance that Bitcoin reaches $80,000 before the year ends. Price Action: At the time of writing, BTC was exchanging hands at $68,675.94, down 1.87% in the last 24 hours, according to data from Benzinga Pro. Photo courtesy: Shutterstock