It looks like crypto investors may have to forget about a summer rally, as trading veteran Peter Brandt has provided the market with a fresh breakdown of the defensive ProShares UltraShort Bitcoin ETF (SBIT), whose structure allows investors to profit from a decline in the leading cryptocurrency with double leverage (-2x).
The chart of this instrument, originally sent to Brandt by analyst Dan Chesler, clearly reflects the prolonged plunge of the crypto market. Since the start of 2026, the price of Bitcoin has fallen by 29.85%, while the short fund SBIT has surged by 46.49% over the same period.
But the main threat for bulls lies in a fresh technical signal. On the daily timeframe, SBIT has formed a classic inverted Head and Shoulders pattern, a powerful trend reversal setup to the upside.
Analyzing the latest SBIT chart by Peter Brandt
Right now, the fund’s chart is testing the resistance line around $61–$62, a breakout of which could trigger a powerful SBIT rally, which in practice would mean the start of a new wave of Bitcoin capitulation. Brandt separately stressed that the math of such leveraged ETF products has historically worked in favor of sellers.
“Whether you are a bull or bear on BTC, this should be an interesting chart to watch for SBIT,” Brandt stated.
This skepticism is also shared by well-known analyst Bob Loukas, who, while assessing Bitcoin cycles, confirmed that the market is still locked in a bearish phase. According to his calculations, the cryptocurrency’s price will need 3 to 5 months of harsh sideways action just to build a base for the future cycle.
The Bitcoin low could be in for the cycle, price wise only. Doesn’t need deeper.
But I’d argue strongly it’s going to need 3-5 months (sideways) to build a base from which the next Cycle can launch from.
— Bob Loukas 🗽 (@BobLoukas) June 9, 2026
Loukas openly urged investors not to relax and to stay away from speculative digital assets, while the synchronization of his signals with Brandt’s effectively closes the question of a summer rally.
A breakout of the resistance line on the SBIT chart would become the final confirmation of bearish strength for major players, capable of freezing Bitcoin’s price near local lows at least until the start of fall 2026.