Renowned commodities trader Peter Brandt has announced a short position on Bitcoin, citing a bearish megaphone pattern. Despite his long-term bullish stance on Bitcoin, Brandt's current outlook is bearish due to increased price volatility and a broadening top pattern. He previously assessed a 30% probability that Bitcoin had peaked in the current cycle, while also projecting a potential rise to $500,000 by November 2026. Bitcoin recently reached a record high of $126,080 on October 6 but has since declined, with a daily close below the lower trendline potentially indicating a bearish reversal.