Veteran trader Peter Brandt has pushed back against claims that Bitcoin could reach $250,000 in 2026. His latest chart review warned traders not to treat recent price action as the start of a strong breakout. Brandt said Bitcoin has formed an ascending parallel channel over recent weeks. He said the structure can allow more gains, but it does not confirm a major bottom.
Brandt: Ascending channel is not a bullish bottoming pattern
“This is called a channel,” Brandt said. “While it does not preclude further price gains, it is NOT a bullish bottoming pattern.” His chart showed BTC moving higher inside a controlled channel. Such a pattern can show short-term strength, but it can also limit momentum if buyers fail to push price above resistance. A stronger breakout would require Bitcoin to move above the channel with rising volume. Without that move, traders may continue watching the current range for direction.
BTC trades in $76K–$78K range
Bitcoin has been trading near the $76,000 to $78,000 range after recovering from a sharp decline earlier this year. The asset dropped toward the $60,000 support area in February before staging a slow rebound. Brandt’s analysis suggests the current structure does not yet support such an aggressive 2026 forecast.
On-chain data: Short-term holder share below 7%
On-chain analyst Ali Martinez pointed to low short-term Bitcoin participation. He said the share of Bitcoin held by buyers from the past month has fallen below 7%. This shows weak retail activity and a quieter market. Ali said past cycles have seen similar readings near areas where selling pressure started to fade.
$3 billion net inflow in 30 days
Ali also said about $3 billion has entered the crypto market over the past 30 days. He described it as the first positive net capital inflow since December. New inflows suggest market liquidity has started to improve after months of weaker activity. However, Bitcoin still needs stronger buying pressure to confirm a larger move. For now, Brandt's view places caution over the $250,000 Bitcoin price target.