Bitcoin Bears Deepen Grip as SBIT Surges 46% While BTC Slides 30%

Bitcoin's bearish trajectory is intensifying in 2026, with BTC down 29.85% year-to-date while the ProShares UltraShort Bitcoin ETF (SBIT) has surged 46.49% over the same period. Veteran trader Peter Brandt is pointing to an inverted head-and-shoulders pattern forming on SBIT's daily chart, with the ETF testing critical resistance at $61–$62; a breakout would signal further downside for Bitcoin. Analyst Bob Loukas reinforces the cautious outlook, projecting another three to five months of choppy, sideways price action before a cycle bottom materializes. Collectively, both analysts dismiss any prospect of a summer Bitcoin rally, pushing expectations for recovery into fall 2026 at the earliest.