Brandt Says Bitcoin's Recent Move to $66,000 is a 'Rookie Mistake' Bull Flag

Legendary trader Peter Brandt has debunked the idea that Bitcoin's recent move to $66,000 is a 'rookie mistake' bull flag. Instead, he sees it as a prolonged consolidation, with the cryptocurrency trapped inside a descending price channel under pressure from moving averages.

The weekly BTC/USD chart shows technical markers that indicate a continuation of the bearish trend. The 8- and 18-period moving averages are exerting downward pressure on the market, while the absolute multi-year floor remains anchored at $24,825 per BTC.

Brandt notes that the current decline has already dragged on longer than the maximum duration of a bull flag, which is typically 6-8 weeks. The ADX indicator shows that bears remain firmly in control, with trend strength confirmed by its reading of 28.27.