Peter Brandt Dismisses Bitcoin Price Reversal Yet: Here is What to Watch Out for Ahead

Bitcoin (BTC) price teased above $86k for the first time, on Tuesday during the mid-New York session, since President Donald Trump announced the reciprocal tariffs earlier this month. The flagship coin reached a daily high of about $86,429 before retracing SFP around $85.6 at the time of this writing.

The meeting of U.S. President Donald Trump and El Salvador’s President Nayib Bukele sparked bullish sentiment for the wider crypto market. Moreover, the Trump administration is actively seeking ways to fund its strategic Bitcoin reserves, with some speculating funding from tariffs.

Bitcoin Price Regains Whale’s Confidence

As the Gold price continues to signal market strength amid declining Volatility S&P 500 Index (VIX), the Bitcoin adoption by whale investors has gained more traction. According to market data from Glassnode, the number of Bitcoin addresses holding between 1K–10K coins has risen from 1,944 on March 5 to 2,014 at the time of this writing. 

The last time Bitcoin whales accumulated to this level was in April 2024, which resulted in a major bullish uproar in the subsequent weeks.

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Expert’s Insights and Analysis

For the first time since January 2025, the Bitcoin price, against the U.S. dollar, invalidated the daily logarithmic falling trend. As a result, the wider crypto market has experienced bullish sentiment, led by Solana (SOL) and Ripple Labs XRP. 

However, Peter Brandt, a veteran trader, has dismissed Bitcoin price reversal yet.

“A trendline violation does NOT signify a transition of trend $BTC. Sorry,” Brandt noted.

According to Brandt, Bitcoin price has to consistently close above $88k to confirm a successful reversal of the year-to-date market correction.

Meanwhile, Brandt remains a proponent of combining bullish reversal patterns – including double bottom, inverse head and shoulders – with trendlines to predict the market.