Peter Brandt says Bitcoin has not bottomed yet. He sees a low in the high $40,000s around early October before a major rally to $250,000 to $300,000 by 2029.
Brandt is not a crypto native pumping his bags.
He is a 50 year veteran of commodity and futures trading who has called more market turning points than most analysts have had careers. When he speaks about chart structure and capitulation conditions, the market listens.
And right now he is saying the same thing the chart has been suggesting for weeks.
We are not done going down.
His argument is specific. The current market lacks the panic and heavy volume of a true capitulation bottom. Real bottoms are not quiet. They are violent. They come with forced liquidations, margin calls, retail panic selling, and the kind of volume that marks genuine exhaustion.
What we have seen so far is a grinding, uncomfortable decline. Not the sharp flush that historically precedes major recoveries.
The high $40,000s target around October would represent another 15% to 20% decline from current levels. For a market already down 32% on the year with ETH at 2021 prices, that feels devastating.
But look at his long term targets.
$250,000 to $300,000 by 2029. Possibly $1 million by 2031 or 2032.
The person who bought 10,000 Bitcoin in 2011 for $7,805 held through four separate 80% crashes and walked away with a billion dollars.
Brandt is essentially saying the same thing in chart language.
The path to $300,000 runs through $47,000 first.
Whether that is a threat or an opportunity depends entirely on your time horizon.
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