Market expectations that bitcoin is unlikely to rebound this summer are coming back into focus.

U.Today, a blockchain media outlet, reported on June 9 that veteran trader Peter Brandt pointed to the possibility of further weakness, citing a chart of ProShares UltraShort Bitcoin ETF SBIT, which bets 2 times on a decline in bitcoin.

Brandt focused on a technical reversal signal on the SBIT chart. An inverse head-and-shoulders pattern, typically seen as a signal of a shift to gains, has formed on SBIT's daily chart. Because SBIT is structured to bet on bitcoin weakness, if the pattern plays out it could add downside pressure on bitcoin.

SBIT is currently testing resistance around $61 to $62. Brandt said that if it breaks through this zone, SBIT could rise sharply. He said, "Whether you are bullish or bearish on bitcoin, SBIT is an interesting chart to watch."

Returns also pointed in the same direction. Since the start of this year, bitcoin has fallen about 30 percent, while SBIT has risen 46.49 percent over the same period. Brandt stressed that the structural calculation method of such leveraged exchange-traded funds has been working in favor of sellers.

A bearish view also came from another analyst. Bob Loukas (밥 루카스), known as a bitcoin cycle analyst, said the market remains stuck in a bearish phase. He said the low for this cycle may already be in on price, but that more time is needed to build a base before the next up cycle begins.

Loukas said, "To build the foundation for the next cycle to start, there needs to be 3 to 5 months of a rough sideways period." He also advised investors not to let down their guard and to always keep their distance from digital assets with risk factors.

Against this backdrop, market attention is shifting to whether SBIT breaks through resistance. If that level is breached, major market participants could take it as a final confirmation signal that bears have the upper hand, and in that case it is being mentioned that bitcoin could be stuck near a local low at least into the early part of autumn 2026.

Ultimately, the key point in this view is the possibility of a time correction rather than a simple forecast of a price fall. As views overlap that bitcoin could trade sideways for an extended period even without an immediate deep decline, the scenario that had looked for a strong summer rebound appears to be losing further strength.

Here is a fascinating chart @DanChesler sent me Whether you are a bull or bear on $BTC, this should be an interesting chart to watch $SBIT It is a classic inverted H&S bottoming pattern Ultra contract charts favor shorts most of the time pic.twitter.com/bb6hqnNGOB