Legendary Trader Peter Brandt Drops 'Dead Cat' on Bitcoin Price Chart

With a new week opening, veteran commodity trader Peter Brandt gave Bitcoin a hard look, sharing a chart with a hand-drawn "dead cat" figure. The setup sees Bitcoin's two-week drop from above $120,000 to the low $80,000s as a full five-wave correction, with nothing more than a basic rebound on the other side.

The chart shows the same zone that traders have been stuck in for days: around $88,000 to $92,000. According to Brandt, this range is the only one that matters right now. The way it is set up looks more like a reaction to the situation than a proactive approach.

Market data backs this up. Last week, liquidity became thin on the major markets. The bid-ask spread widened. Order books lost depth. Bitcoin ETF flows have been all over the place lately. BlackRock's IBIT had a bunch of net-outflow sessions, and smaller products had some mixed results. The inflow pattern observed earlier in the quarter has disappeared.

"Dead cat" or bear trap?

The breakdown also showed more than $1.2 billion in long positions, leaving positioning lighter but not stronger. There has not been any aggressive dip-buying, and Bitcoin has not been able to reclaim any of the key levels that would signal real demand. The structure still shows a corrective path, not a bullish reset.

If Bitcoin can manage to close above $92,000, it will show that the dead-cat-bounce theory is wrong and that people are feeling good about the market again. If BTC cannot break through that ceiling, the downside structure will stay in control.