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Bitcoin’s latest rebound has reignited debate over whether the cryptocurrency can reach $250,000 before the end of 2026. Veteran trader Peter Brandt pushed back on that target, arguing the current chart does not show the type of bottom pattern needed for such a move. Bitcoin was trading near $77,000 after slipping from recent intraday levels, with higher spot volume and derivatives data pointing to profit-taking among traders.
Brandt addressed the $250,000 forecast in an April 28 post on X, telling traders to reassess the chart structure. He described the daily Bitcoin setup as an ascending channel, saying Bitcoin could still post further gains but that the asset has not formed a bullish bottoming pattern.
Brandt also dismissed claims that Bitcoin is forming a flag pattern, focusing on price structure rather than broader market narratives.
Bitcoin fell about 2% over the past 24 hours and traded near $76,438. The 24-hour low was $76,384, while the high reached $79,327. Trading volume increased by almost 40% during the same period.
The pullback followed Bitcoin’s failure to hold higher intraday levels. Traders booked profits as the market reacted to fresh geopolitical developments involving the United States and Iran, including reports that the U.S. is weighing Iran’s proposal to reopen the Strait of Hormuz and end the war. Oil prices edged higher, adding pressure across risk assets.
Derivatives activity showed caution after the recent recovery. CoinGlass data indicated weaker Bitcoin futures positioning, with total BTC futures open interest dropping almost 2.50% in 24 hours to $56.70 billion.
Open interest on CME also slipped by 0.32% within one hour, while Binance recorded a 0.39% decline over the same period. These changes suggest reduced leverage among futures traders, consistent with positions being closed during the pullback.
At the same time, elevated trading volume indicates continued market participation as traders reassess direction around the $77,000 area.
Market participants continue to monitor U.S. crypto regulation. Galaxy CEO Mike Novogratz said Bitcoin could reach $90,000 in the second quarter if President Donald Trump signs the CLARITY Act in June.
The CLARITY Act is part of broader discussions on digital asset regulation in the United States, with supporters expecting clearer rules to encourage institutional participation. Bitcoin ETF inflows have also remained a key focus for bullish forecasts, though Brandt’s latest comments reflect ongoing caution about extreme price targets.
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