Bitcoin whales are buying, but Peter Brandt’s chart says wait
Veteran trader Peter Brandt said Bitcoin remains one of the clearest markets for classical chart analysis.
- Peter Brandt said Bitcoin still follows classical chart patterns better than many other markets.
- CryptoQuant data suggests whale selling slowed sharply as large holders resumed accumulation near $65,000 again.
- Bitcoin must reclaim $68,000 with stronger volume before the rebound looks safer for traders.
In a June 15 X post, he wrote, “There are few other markets that so neatly comply to understanding using classical charting principles as Bitcoin.”
Brandt’s weekly BTC chart showed several channels, wedges and consolidation areas across 2023 to 2026. The latest structure looked weaker, with Bitcoin trading near $65,261 and below the 18-week moving average around $71,253.
The chart also showed BTC breaking below a rising channel formed earlier in 2026. The ADX indicator stood near 28.27, pointing to a moderately strong trend. ADX does not show direction, but the break below the channel and moving average suggested stronger downside pressure.
CryptoQuant sees whale selling ease
CryptoQuant shared a different market signal. Its data showed that Bitcoin Inflow Coin Days Destroyed fell from 2.16 million to about 33,000, suggesting that older coins were no longer moving to exchanges at the same pace.
The earlier sell-off was most active in early June, when Bitcoin fell from about $71,300 to $63,800. That phase showed long-held coins moving into exchanges as large holders reduced exposure.
The latest data now points to renewed whale accumulation. More than 11,400 BTC, worth about $700 million, moved from exchanges to private wallets in recent days, according to the report shared by CryptoQuant.
Bitcoin rebound still faces resistance
As crypto.news reported, Bitcoin climbed above $65,500 on Monday after a U.S.-Iran peace deal eased oil and inflation fears. BTC traded above $66,000 at press time, up about 3% in 24 hours, with a daily high close to $65,893.
The rebound placed Bitcoin back near the upper end of the $60,000 to $65,000 support area. crypto.news noted that the next key area sits near $68,000, where sellers may try to slow the recovery.
Technical signals remain mixed. The same crypto.news report said Bitcoin still needs stronger volume above $68,000 to confirm demand. ETF outflows and broader market caution also remain factors for traders.
Two market readings shape the outlook
Brandt’s chart suggests Bitcoin may stay under pressure while it trades below the 18-week moving average and inside a weaker weekly structure. His view does not rule out a longer-cycle recovery, but it points to more patience before a confirmed upside break.
CryptoQuant’s whale data offers a more supportive signal. If large holders continue withdrawing BTC from exchanges, selling pressure may ease further. For now, Bitcoin’s next move depends on whether buyers can turn whale accumulation into a clean break above resistance.
A failed move could return focus to last week’s lows near the $60,000 zone again.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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