Veteran market trader Peter Brandt has weighed in on Bitcoin’s recent turbulence, suggesting that the ongoing price slump could be a bear trap rather than a clear indication of prolonged bearishness. This analysis comes as Bitcoin faces a notable drop in value, fueling mixed opinions about its future.

Brandt, known for his expertise in technical analysis, has expressed that while Bitcoin’s price has recently dropped, it’s essential to consider its historical behavior before jumping to conclusions. Specifically, Brandt pointed out that the slump could be part of a larger pattern in which Bitcoin’s price fluctuates before ultimately making a strong recovery. While he acknowledged the possibility of a Head and Shoulders (H&S) pattern forming on Bitcoin’s daily chart, which could lead to a price drop as low as $73,000, Brandt also warned that such chart formations often evolve unpredictably. In fact, he stressed that charts should not be relied upon as precise predictors of future price movements but rather as tools to time potential trading opportunities.

In his accompanying chart analysis, Brandt highlighted notable price levels that could act as key indicators during Bitcoin’s corrective phases, including the $88,065 and $73,018 levels. Despite Bitcoin showing signs of bearish pressure, such as trading below its 8-day and 18-day moving averages, Brandt maintained that the cryptocurrency market tends to be volatile and full of uncertainty. Thus, he urged traders to focus on market timing instead of fixating on absolute price predictions.

Meanwhile, analyst Nilesh Rohilla offered a contrasting perspective on Bitcoin’s future price movements. Rohilla suggested that time-based strategies, rather than price-focused predictions, should be the focal point for traders in these uncertain times. His analysis pointed to recurring trends in Bitcoin’s behavior around significant events like the halving cycle and U.S. presidential elections. According to Rohilla, Bitcoin has shown major price movements about 18 months after halving events and 12 months following presidential elections.

Rohilla’s chart indicates that Bitcoin has been consolidating within an extended range throughout much of 2024, with frequent tests of resistance and support levels. Based on his interpretation, this consolidation is expected to give way to a breakout later in the year, potentially leading to significant price gains. Rohilla believes that Bitcoin could surge as high as $135,000 in the coming months, following patterns seen in previous market cycles.

Interestingly, last October, Peter Brandt also identified the $135,000 level as a potential price target for Bitcoin in the current market cycle. While acknowledging Rohilla’s analysis, Brandt agreed that Bitcoin has historically experienced bear traps during periods of long-term upward trends. A bear trap occurs when the market creates a false bearish signal, tricking traders into taking short positions before the price sharply reverses upward, trapping them in losing positions.

This type of market behavior has been a common feature during Bitcoin’s bull markets, and Brandt believes it could occur again in the current cycle. He also noted that the corrective patterns highlighted by Rohilla on his chart are expected to materialize between August and September 2025. As of now, Bitcoin is trading at around $93,984, having dropped by 2.77% in the last week.

In summary, while Bitcoin’s current drop has fueled concerns and led to bearish predictions, both Brandt and Rohilla see potential for a major upward move in the near future. Brandt believes that the slump could be a classic bear trap, while Rohilla’s analysis suggests that Bitcoin could reach $135,000 in the coming months, with both analysts highlighting the unpredictability of the market. As always, Bitcoin’s price movements remain uncertain, and traders should carefully monitor the market’s developments in the coming months.