Peter Brandt: BTC may pull back to $60,000 to $70,000 next year, with a long-term target of $500,000
Veteran trader Peter Brandt has made bold predictions about the future of BTC. Despite Bitcoin surpassing its all-time high multiple times during this cycle, including the peak of over $124,500 set just a few days ago, Brandt believes the likelihood of Bitcoin peaking is only 30% and predicts a painful pullback period ahead.
He also expects that by November 2026, the price of Bitcoin could drop to around $60,000 to $70,000, significantly higher than the low of the last cycle.
Brandt's prediction is based on historical patterns observed by @ColinTCrypto, noting that Bitcoin peaks typically occur around the 37th month after the previous bear market low. On November 22, 2022, Bitcoin's price fell below $16,000.
If history repeats itself, there is still substantial room for Bitcoin's price to rise significantly, as the model predicts that on December 22 of this year, BTC's price will soar to $200,000, despite currently being over 60% away from this target price.
However, Brandt also presents a more optimistic long-term forecast, believing that the next bull market will be very strong, and he is confident that Bitcoin will eventually surge to the astonishing target of $500,000.
Considering the current circulating supply of 19.9 million coins, if Bitcoin's price reaches $500,000, the asset's market capitalization will skyrocket to nearly $10 trillion, an increase of 325% from current levels, making BTC the second-largest asset by market capitalization, only behind gold.
Nonetheless, Brandt warns that after every bull market, there is a bear market, which often takes a heavy toll on Bitcoin. He predicts that Bitcoin will inevitably crash, but he also states that the next bull market will be very strong. This prediction adds uncertainty to the future trajectory of Bitcoin while also showcasing its immense growth potential.
In summary, according to Peter Brandt's predictions, while a price pullback may be faced in the short term, the long-term bullish forecast of $500,000 undoubtedly provides an optimistic outlook for investors. However, the uncertainty in the market reminds investors to act cautiously and manage risks effectively.
What are your thoughts on Peter Brandt's Bitcoin price prediction? Do you think Bitcoin can reach $500,000? Leave your insights and predictions in the comments.
