Blab Crypto
Veteran Trader Peter Brandt Applies 1977 Soybean Broadening Top Pattern to Bitcoin, Signals Bottom in October
Peter Brandt, a veteran trader known for his use of classical chart analysis, has drawn a comparison between a soybean futures chart from 1977 and a Bitcoin chart from 2025. In both cases he identifies a broadening top pattern, a bearish reversal formation that has appeared in commodity markets for decades and, according to Brandt, is now manifesting in the cryptocurrency market.
A broadening top is characterized by successive higher highs and lower lows, which expands the price range and creates a megaphone‑shaped pattern. The pattern is typically interpreted as a sign that buyers and sellers are in conflict and that the market is losing direction. In the soybean chart Brandt notes that the pattern culminated in a break below the lower trendline, after which the price fell sharply. He points to a similar sequence in Bitcoin: after a broadening top formed near the cycle high in late 2025, the price broke below the support level and entered a prolonged correction.
Brandt posted the comparison on X on July 29, 2026, stating, “The more things change, the more they stay the same. Old school works.” The post includes screenshots of the soybean chart and the Bitcoin chart, each labeled with the broadening top formation. Brandt’s analysis suggests that the same technical dynamics that drove soybean prices in the late 1970s are now influencing Bitcoin’s price action.
In early June, Brandt had already warned that Bitcoin had reached an initial downside target but that a true bottom had not yet formed. He wrote, “As I see it, Bitcoin has met its initial target at the February low. This does not mean $BTC cannot work lower or have a terminal wash‑out. I do not see a tradable low until October.” The statement indicates that, while Bitcoin has already fallen to the February low, Brandt expects the market to continue declining until a bottom is established in October 2026.
Brandt’s recent commentary also touches on the relative performance of gold and Bitcoin. He said he was considering selling part of his Bitcoin holdings in favor of gold, citing the XAU/BTC ratio as a factor. Brandt’s view is that gold could outperform Bitcoin over the near term. The trader’s assessment is based on technical analysis rather than fundamental factors.
Brandt has reflected on past trading decisions, noting that his biggest mistake was not buying and holding Bitcoin when it was trading at around $400. This comment, shared on social media, underscores the long‑term perspective that Brandt applies to his trading strategy.
The Bitcoin market has been in a correction since the broadening top formation in late 2025. The price has broken below key support levels and has been trading in a lower range. Brandt’s analysis suggests that the market is still in a bearish phase and that a definitive bottom is likely to appear in October 2026, according to his June post.
Gold, meanwhile, has shown resilience in the face of Bitcoin’s decline. Brandt’s consideration of moving capital from Bitcoin to gold reflects a broader trend among traders who are seeking assets that may offer a hedge against cryptocurrency volatility.
In summary, veteran trader Peter Brandt is applying a well‑known commodity chart pattern to Bitcoin, identifying a bearish reversal that has already led to a break below support and a sustained correction. Brandt’s recent statements indicate that he does not expect a bottom until October 2026 and that gold may outperform Bitcoin in the near term. Market participants will be watching Bitcoin’s price action closely for a potential reversal in the coming months, while some traders may follow Brandt’s lead and adjust their exposure to gold.
A broadening top is characterized by successive higher highs and lower lows, which expands the price range and creates a megaphone‑shaped pattern. The pattern is typically interpreted as a sign that buyers and sellers are in conflict and that the market is losing direction. In the soybean chart Brandt notes that the pattern culminated in a break below the lower trendline, after which the price fell sharply. He points to a similar sequence in Bitcoin: after a broadening top formed near the cycle high in late 2025, the price broke below the support level and entered a prolonged correction.
Brandt posted the comparison on X on July 29, 2026, stating, “The more things change, the more they stay the same. Old school works.” The post includes screenshots of the soybean chart and the Bitcoin chart, each labeled with the broadening top formation. Brandt’s analysis suggests that the same technical dynamics that drove soybean prices in the late 1970s are now influencing Bitcoin’s price action.
In early June, Brandt had already warned that Bitcoin had reached an initial downside target but that a true bottom had not yet formed. He wrote, “As I see it, Bitcoin has met its initial target at the February low. This does not mean $BTC cannot work lower or have a terminal wash‑out. I do not see a tradable low until October.” The statement indicates that, while Bitcoin has already fallen to the February low, Brandt expects the market to continue declining until a bottom is established in October 2026.
Brandt’s recent commentary also touches on the relative performance of gold and Bitcoin. He said he was considering selling part of his Bitcoin holdings in favor of gold, citing the XAU/BTC ratio as a factor. Brandt’s view is that gold could outperform Bitcoin over the near term. The trader’s assessment is based on technical analysis rather than fundamental factors.
Brandt has reflected on past trading decisions, noting that his biggest mistake was not buying and holding Bitcoin when it was trading at around $400. This comment, shared on social media, underscores the long‑term perspective that Brandt applies to his trading strategy.
The Bitcoin market has been in a correction since the broadening top formation in late 2025. The price has broken below key support levels and has been trading in a lower range. Brandt’s analysis suggests that the market is still in a bearish phase and that a definitive bottom is likely to appear in October 2026, according to his June post.
Gold, meanwhile, has shown resilience in the face of Bitcoin’s decline. Brandt’s consideration of moving capital from Bitcoin to gold reflects a broader trend among traders who are seeking assets that may offer a hedge against cryptocurrency volatility.
In summary, veteran trader Peter Brandt is applying a well‑known commodity chart pattern to Bitcoin, identifying a bearish reversal that has already led to a break below support and a sustained correction. Brandt’s recent statements indicate that he does not expect a bottom until October 2026 and that gold may outperform Bitcoin in the near term. Market participants will be watching Bitcoin’s price action closely for a potential reversal in the coming months, while some traders may follow Brandt’s lead and adjust their exposure to gold.
