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Bitcoin plunged below the $69,000 mark, triggering accelerated selling across the crypto market. Bearish pressure at the beginning of June 2026 took on a dominant character after Strategy recorded its first sale of part of its holdings in three years, instantly wiping almost $5,000 off the asset's price.
At this critical moment, legendary trader identified a dangerous technical pattern on the June futures chart and outlined strict boundaries for a potential reversal of the leading cryptocurrency.
Is Bitcoin headed for $53,000?
According to Brandt, the market has formed an "expanding triangle", a formation traditionally known for its high reliability on the Bitcoin chart. The technical target of this pattern is calculated based on its height, meaning that a breakdown points the price vector downward toward the $53,000-$55,000 zone.
Changing this conservative analytical scenario is still possible, and only one event can do it - a confident return and consolidation of BTC above the $75,000 level, according to the trader with 50 years of experience.
Brandt's technical pessimism fully coincides with an unprecedented outflow of institutional capital, as spot Bitcoin ETFs in the United States closed in the red for the 11th consecutive day, with a daily net outflow of -$483.7 million.
This crypto-specific flight from risk is aggravated by hot US macroeconomic data as JOLTS Job Openings unexpectedly skyrocketed to 7.618M against a 6.866M forecast, reinforcing a "higher-for-longer" rate environment that drains Bitcoin's liquidity.
All eyes now turn to Friday's unrevealed May unemployment rate. If it beats the 4.3% consensus, BTC is likely to accelerate its drop to the $53,000 level outlined by Brandt. Conversely, a soft 4.4% print could trigger a pull toward his $75,000 lifeline.
Compounding these domestic monetary pressures is a broader global deadlock. As high interest rates squeeze liquidity, prolonged geopolitical negotiations in the Middle East are further damaging market sentiment, forcing global investors to exit risk assets en masse and move into fiat.
Dan Burgin
InkByte Editorial Team
