Peter Brandt: Bitcoin does not form a "cup and handle" pattern to reach $500,000

Peter Brandt, a market analyst considered a legend with nearly 50 years of trading experience, has strongly refuted the popular online prediction that Bitcoin could rise to $500,000.

The main argument of the optimists is based on the “cup and handle” technical pattern — a pattern that previously helped push gold prices to a historic high in early 2025.

However, after examining the chart used to make the Bitcoin prediction, Brandt firmly states that the current structure is not a “cup and handle” pattern at all. According to him, if strict principles of classical technical analysis are applied, Bitcoin’s current chart does not meet the necessary criteria to be considered this pattern.

In other words, Brandt believes that the foundation for the expectation that Bitcoin could reach $500,000 is unfounded if based solely on the aforementioned pattern.

Notably, he even suggested that those making predictions should “read a few more good books,” implying that their interpretation of the chart pattern is amateurish.

Comparing with gold is unconvincing

The attention to the “cup and handle” pattern largely stems from recent developments in the gold market. This precious metal has completed a “cup” pattern lasting 13 years since the 2011 peak, then broke out of the “handle” part when surpassing $2,075 per ounce.

This resulted in a strong rally. As of March 2026, gold is trading around $5,171 per ounce.

Meanwhile, for Bitcoin, some analysts believe the “handle” is forming. However, Brandt dismisses this view. Others argue that Bitcoin’s current volatility is simply oscillating within the $60,000–$70,000 range.

Regardless of the perspective, the veteran trader warns investors not to be overly optimistic based on misidentified technical patterns, even though Bitcoin is often called “digital gold” and many expect it to follow gold’s growth trajectory.

Thach Sanh