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Peter Brandt Warns Bitcoin May Continue to Fall as October Becomes a Key Period
Bitcoin has reached the downside target set by Peter Brandt in February, but the veteran trader believes $BTC may still move lower before forming a tradable bottom. In one of his earlier forecasts, he predicted that Bitcoin could peak in the $300,000–500,000 range in 2029.
Key Takeaways
- Brandt said Bitcoin had reached his initial downside target near the February lows.
- Further decline or a capitulation event may occur before stability returns.
- Earlier cycle forecasts pointed to a peak Bitcoin price of $300,000–500,000 by 2029.
Peter Brandt Believes Bitcoin May Not Find a Tradable Bottom Until October
Bitcoin’s latest decline has brought $BTC back to the February low, which 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, currencies and cryptocurrencies. His latest chart still leaves room for further weakness before a sustainable trading opportunity forms.
On 3 June, Brandt said that Bitcoin had reached the February low — the level he had identified as his initial downside target. He warned that the asset could continue to weaken and potentially enter a final washout phase before stronger support forms.
He said:
“In my opinion, Bitcoin has reached its initial target at the February low. This does not mean that $BTC cannot move lower or experience a final washout phase. I do not see a trading low until October.”
The $BTC chart published by Peter Brandt. Source: Peter Brandt via X.
The latest warning followed Brandt’s 13 May view that Bitcoin had not yet reached a recognisable bottom. In that post, he described a bearish channel forming from the February low and said that a close below $79,145 would point to lower levels within that channel.
The warning about a final sell-off suggests that Brandt does not view the February low as the end of the decline. Such a scenario implies one last wave of selling pressure before a more durable bottom forms.
The October Timeline Puts Bitcoin’s Correction Back in Focus
The chart with the October timeline did not appear in Brandt’s latest post for the first time. On 23 April, he forecast an investable low in September or October 2026 and said that this low could either hold above or break below the February 2026 bottom. This forecast made the February low a key reference point in his long-term market-cycle analysis.
In his latest post, he again drew attention to this timeline. By saying that he does not expect a tradable low until October, Brandt made it clear that Bitcoin’s correction may not be over even after reaching the February low.
“If Bitcoin continues to display the most pronounced cyclical patterns of any market over the past 15 years, an investable low is expected in September/October 2026,” Brandt wrote on 23 April, explaining:
“This low may or may not break the February 2026 low. The next high, if the models hold, will be in the $300,000–500,000 range in September/October 2029.”
Overall, Brandt’s recent posts indicate that he does not see the February low as the end of Bitcoin’s correction. On the contrary, his analysis still leaves room for further downside before a more durable bottom forms.
See also: "CryptoQuant Analysts Say Bitcoin Is Showing Signs of a Short-Term Decline"
