Veteran Chartist Brandt Rejects Bitcoin Bull Flag Narrative

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Veteran trader and classical chartist Peter Brandt has rejected the narrative that Bitcoin's current multi-month consolidation is a "bull flag." Advertisement Brandt has cautioned market participants against making up their own charting rules simply to fit a bullish bias. Meant to be educational here, not insulting, but Newbies to price charting have the tendency to make up rules as they go The rules have already been written Edwards and Magee, 1948 Richard W Schabacker, 1934 Some call Bitcoin a flag But not the founders of charting, thus not me pic.twitter.com/KveB5BuhmZ — The Factor Report (@PeterLBrandt) April 16, 2026 Charting rules Brandt took to X (formerly Twitter) to address the growing chorus of retail traders and analysts who have been labeling BTC's recent upward-sloping price channel as a classic continuation pattern. Advertisement "Meant to be educational here, not insulting, but newbies to price charting have the tendency to make up rules as they go," Brandt posted. HOT Stories Veteran Chartist Brandt Rejects Bitcoin Bull Flag Narrative Bitcoin Pushes 200-Day Return to $87,000 Amid Quantum Fears, XRP Price's Rare Double-Bottom Opportunity Appears, Binance Lists Microsoft and Alibaba on TradFi Roaster: Morning Crypto Report He has stressed that the definitive mechanics of technical analysis were established decades ago by market pioneers like Richard W. Schabacker (1934) and Robert D. Edwards and John Magee, authors of the 1948 definitive guide Technical Analysis of Stock Trends. Modern commentators might look at Bitcoin's current chart and see a flag, Brandt noted: "But not the founders of charting, thus not me." You Might Also Like Thu, 02/05/2026 - 10:24 Legendary Trader Peter Brandt Warns of Bitcoin 'Campaign Selling': Why Move to $63,800 Is Next By Gamza Khanzadaev Advertisement According to classical charting principles, a dependable flag or pennant pattern must complete its formation and break out within a strict four-week window. True flags are characterized by a brief, high-momentum pause (often described as flying at "half-mast") before a prior aggressive trend resumes. Patterns that stretch into eight or ten weeks may assume the visual shape of a flag, but traders should absolutely not expect them to function like one. The current market structure shows a choppy, upward-sloping parallel channel that began forming in late February. This specific channel has been grinding along for roughly seven weeks. Prolonged channel structures can completely fail to break out (as evidenced by the asset's prior price action). #Bitcoin Price Prediction #Peter Brandt