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Bitcoin’s latest rebound has renewed debate over whether the asset can reach $250,000 before the end of 2026. Veteran trader Peter Brandt has pushed back against that target, saying the current chart does not show the type of bottom pattern needed for such a move. Bitcoin is trading near $77,000 after slipping from recent intraday levels. Market data also shows higher trading volume, while derivatives activity points to profit-taking among traders. Peter Brandt Rejects $250K Bitcoin Call Peter Brandt addressed the $250,000 Bitcoin forecast in an April 28 post on X. He said traders making that prediction should reassess the current chart structure. Brandt shared a daily Bitcoin chart and described the setup as an ascending channel. The veteran trader said Bitcoin may still record further gains. However, he rejected the idea that the asset has formed a bullish bottoming pattern. He also dismissed claims that Bitcoin is forming a flag pattern on the chart. Brandt’s comments came as some market figures continue to issue higher Bitcoin targets. Fundstrat’s Tom Lee and author Robert Kiyosaki have linked their bullish views to institutional demand, spot Bitcoin ETF inflows, and improving U.S. crypto regulation. However, Brandt’s view focuses on price structure rather than broad market narratives. His chart reading suggests Bitcoin is moving within a defined channel, not preparing for a sharp breakout toward $250,000. BTCUSD 1-Day Chart | Source: X Bitcoin Price Trades Near $77K After Pullback Bitcoin fell about 2% in the past 24 hours and traded near $76,438. Its 24-hour low stood at $76,384, while the high reached $79,327. Meanwhile, BTC trading volume increased by almost 40% during the same period. The move came after Bitcoin failed to hold higher intraday levels. Traders booked profits as the market responded to fresh geopolitical developments involving the United States and Iran. BTCUSD 1-Day Chart | Source: CoinCodex Reports said the U.S. is weighing Iran’s proposal to reopen the Strait of Hormuz and end the war. The development came as oil prices edged higher, adding pressure across risk assets. Bitcoin’s pullback also followed broader caution in derivatives markets. Futures traders reduced exposure after the recent price recovery, showing mixed confidence in the short-term trend. Derivatives Data Shows Profit-Taking CoinGlass data showed weaker activity in Bitcoin futures open interest. Total BTC futures open interest dropped almost 2.50% in 24 hours to $56.70 billion. Open interest on CME also slipped by 0.32% within one hour. Binance recorded a 0.39% decline over the same period. These moves point to reduced leverage among futures traders. Lower open interest during a price decline often shows that traders are closing positions. In this case, the data suggests profit-taking after Bitcoin’s recent climb. However, Bitcoin’s trading volume remains elevated. That shows active participation as traders reassess price direction near the $77,000 level. Market Watches Regulation and Q2 Targets Bitcoin analysts continue to track U.S. crypto regulation as a key market factor. Galaxy CEO Mike Novogratz has said Bitcoin could reach $90,000 in the second quarter if President Donald Trump signs the CLARITY Act in June. The CLARITY Act remains part of the wider discussion around digital asset regulation in the United States. Supporters expect clearer market rules to support institutional participation in crypto. Bitcoin ETF inflows also remain a major point of attention. Institutional demand has supported several bullish forecasts, although Brandt’s latest comments show that analysts remain cautious on extreme targets.