Bitcoin May Never Reach Another All-Time High, Peter Brandt Warns Amid Market Crash

Veteran trader Peter Brandt has warned that Bitcoin may never reclaim its record high as a bearish technical formation emerges. According to Brandt’s recent X post, Bitcoin’s weekly chart shows a potential head-and-shoulders pattern, signaling risks of further declines.

The warning follows a cryptocurrency selloff that pushed Bitcoin toward $62,830, extending its weekly losses beyond 16%. Brandt identified critical support levels that could determine whether the cryptocurrency enters a prolonged bearish market cycle.

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Peter Brandt Identifies Bearish Bitcoin Pattern With $60,000 Support at Risk

Brandt’s weekly chart outlines three price peaks resembling a traditional head-and-shoulders formation, commonly associated with bearish market reversals. The structure features an initial left shoulder, a higher central peak, and a lower right shoulder.

Technical analysts generally interpret this pattern as weakening buying momentum, particularly when prices approach the neckline. For Bitcoin, the neckline appears between $60,000 and $65,000, placing the cryptocurrency near a significant technical support region.

A confirmed breakdown beneath this range could strengthen the bearish outlook and increase expectations of additional losses. Nevertheless, Brandt has not confirmed the formation, leaving its implications dependent on subsequent price movements and support levels. The warning also raises concerns about Bitcoin’s ability to recover its October 2025 record above $126,000.

Bitcoin Crash Pushes Prices Below Five-Year Historical Levels

Bitcoin’s decline accelerated on November 13, when prices dropped below $70,000 for the first time since August. Selling pressure intensified on November 14, pushing Bitcoin toward $62,830 amid broader cryptocurrency market weakness.

The downturn coincided with stronger-than-expected United States inflation figures and growing expectations of another Federal Reserve interest rate increase. Meanwhile, rising Treasury yields and dollar strength reduced investor appetite for risk-sensitive assets, including cryptocurrencies.

Bitcoin’s decline also pushed its valuation below historical price levels recorded five years earlier. On November 10, 2021, Bitcoin reached approximately $69,000, while its November 14 closing price stood near $65,467.

At $62,830, the cryptocurrency traded approximately 4% below its November 14, 2021, benchmark despite subsequent market rallies. The decline contrasts with Bitcoin’s October 2025 record, when institutional demand helped propel prices above $126,000.

Bitcoin’s ability to defend the $60,000–$65,000 support region remains central to determining whether Brandt’s bearish formation receives confirmation.