Well, Bitcoin finally hit that price target Peter Brandt predicted back in February, which is a bit unsettling. But he’s saying it might not be over yet, and we could see it drop further before it actually bottoms out. It’s interesting because he’s still pretty bullish long-term, previously forecasting Bitcoin could hit between $300,000 and $500,000 by 2029. So, a short-term dip doesn’t necessarily change his overall outlook.
Key Takeaways:
- Brandt said bitcoin has reached his initial downside target near the February low area.
- Further declines or a capitulation event could occur before stability returns.
- Earlier cycle projections pointed to a $300,000-$500,000 bitcoin peak by 2029.
Peter Brandt Says Bitcoin May Not Find a Tradable Low Until October
Bitcoin’s latest drop has returned BTC to the February low area that veteran trader Peter Brandt identified as his initial downside target. Brandt has traded markets for decades and is known for applying classical chart analysis to commodities, foreign exchange, and crypto. His latest chart still leaves room for more weakness before a durable trading opportunity forms.
On June 3, Brandt said bitcoin had reached the February low, a level he identified as his initial downside target. He warned that the asset could continue weakening and potentially enter a terminal wash-out phase before establishing stronger support.
He said:
“As I see it bitcoin has met its initial target at Feb low. This does not mean that BTC cannot work lower or have a terminal wash-out. I do not see a tradable low until October.”
The latest warning followed Brandt’s May 13 view that bitcoin had not yet completed a recognizable bottom. In that post, he described a bear channel forming from the February low and said a close below $79,145 would point to lower levels inside that channel.
As an analyst, I’m interpreting the terminal wash-out warning as a signal that Brandt doesn’t believe the February low marked the absolute bottom. Essentially, he anticipates one last push downwards – a final wave of selling – before we see a lasting recovery begin.
October Timeline Puts Bitcoin’s Correction Back in Focus
Brandt previously mentioned the possibility of a market low in either September or October 2026 back in April. He suggested this low could either find support at or fall below the February 2026 level, making that February bottom a crucial part of his overall market predictions.
His latest post brings that timeline into focus. By saying he does not expect a tradable low until October, Brandt signaled that bitcoin’s correction may not be complete even after reaching the February low.
“Should bitcoin continue with the most remarkable cyclic patterns of any market in the past 15 years, an investable low is scheduled for Sep/Oct 2026,” Brandt wrote on April 23, elaborating:
It’s uncertain if the current dip will fall below the low point from February 2026. If current trends hold, the next peak could be between $300,000 and $500,000, happening sometime in September or October 2029.
Taken together, Brandt’s recent posts suggest he does not view the February low as the end of bitcoin’s correction. Instead, his analysis continues to leave room for further downside before a more durable bottom emerges.
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2026-06-05 04:58