Veteran trader Peter Brandt has issued a stark warning about Bitcoin (BTC), suggesting the world's largest cryptocurrency might never reclaim its previous all-time high.
In a recent post on X, Brandt shared a weekly Bitcoin chart that appears to show a massive head-and-shoulders formation, a technical pattern commonly associated with a bearish trend reversal.
The legendary trader's warning comes amid one of Bitcoin's worst sell-offs this year. The cryptocurrency has lost nearly half its value since reaching its record high in October 2025.
Brandt's chart shows Bitcoin forming a left shoulder, a higher peak for the head, and a lower right shoulder. The cryptocurrency is now testing the neckline of this potential bearish formation, around the $60,000 to $65,000 range.
Is this a legit H&S top in Bitcoin? If it is I can build a technical narrative that the ATH is in, not to be surpassed at least in my lifetime https://t.co/yoBq2Gp9UK
- The Factor Report (@PeterLBrandt) November 15, 2026
A confirmed break below the neckline could signal that Bitcoin has entered a prolonged bearish trend.
However, Brandt has not said the pattern is complete. His warning remains conditional on whether the formation proves to be a legitimate head-and-shoulders top.
Bitcoin crash deepens
Bitcoin suffered another major crash on Saturday, Nov. 14, extending losses that had already shaken the cryptocurrency market earlier in the week. The flagship cryptocurrency plunged to about $62,830, with weekly losses exceeding 16%.
The downturn accelerated on Nov. 13, when Bitcoin fell below the psychologically important $70,000 level for the first time since August.
The sell-off was initially triggered by worsening macroeconomic conditions, particularly stronger-than-expected U.S. inflation data that raised expectations of another Federal Reserve interest rate hike in December.
A stronger U.S. dollar, rising Treasury yields, and the Nvidia chaos have also made riskier assets, including cryptocurrencies, less attractive to investors.
Bitcoin turns negative over five years
On Nov. 10, 2021, Bitcoin reached what was then a record high of about $69,000.
Five years later, the cryptocurrency has fallen below that level.
For comparison, Bitcoin closed at about $65,467 on Nov. 14, 2021. At the $62,830 level shown on Brandt's chart, Bitcoin was trading roughly 4% below its price exactly five years earlier.
Bitcoin's latest all-time high was recorded on Oct. 6, 2025, when the cryptocurrency surged above $126,000.
That historic rally was supported by strong institutional demand, substantial inflows into U.S. spot Bitcoin ETFs, and an increasingly crypto-friendly regulatory scene.
