The technical formation, which Brandt described as "very very unconventional" in a July 16 social media post, requires three distinct price troughs to materialize. For the pattern to gain validity, the price must break above the established neckline, a move that has yet to occur. While Bitcoin climbed roughly 12% from its June swing low, the rally faced significant selling pressure as it approached $65,400, forcing the asset back toward $64,000.
Market participants remain divided on the sustainability of this rebound. A report from Bitfinex Alpha characterizes the recent gains as "borrowed strength," noting that price action has been driven more by shifting interest-rate expectations following softer US inflation data than by consistent spot market demand. Compounding this uncertainty, US spot Bitcoin ETFs have seen volatile flows, including $424.7 million in net outflows recorded on July 13.
Brandt’s latest analysis aligns with his broader, long-term caution regarding the asset’s trajectory. Having accurately anticipated the decline into the $58,000 to $62,000 range earlier this year, his current focus remains on whether Bitcoin can reclaim key resistance zones. Analysts at Bitfinex suggest that a decisive move above the $68,000 threshold, supported by sustained institutional inflows and stronger spot buying, will be necessary to shift the current market outlook from speculative recovery to a confirmed trend reversal.
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