Veteran trader Peter Brandt has moderated his expectations for Bitcoin (BTC) amidst a market slump, now predicting that the premier cryptocurrency won’t reach a $200,000 valuation until 2029.

His cautionary remarks come during a period of significant volatility, with Bitcoin experiencing a nearly 10% drop within a day, causing the overall cryptocurrency market capitalization to dip below the $3 trillion threshold.

Necessary Reset?

Brandt, who has revealed that he retains 40% of his largest Bitcoin position at an entry price approximating 1/20th of Michael Saylor’s average purchase, maintains a long-term bullish outlook despite current declines. He described this downturn as potentially beneficial for Bitcoin, emphasizing the importance of a healthy reset before a sustainable upswing.

Recent market turmoil has been exacerbated by growing macroeconomic uncertainties, particularly surrounding the U.S. Federal Reserve’s ability to implement rate cuts amidst persistent inflation and high valuations in AI-driven equities. This tumultuous atmosphere has contributed to a widespread risk-off sentiment, triggering substantial sell-offs across various asset classes, including cryptocurrencies.

Brandt’s prescient remarks have seen him retract his previous bullish forecast from last year, where he anticipated Bitcoin could hit $200,000 by 2025 following a significant breakout from a trading channel. Several notable figures in the crypto space had also put forth ambitious targets that now seem increasingly unattainable.

In April, Charles Hoskinson, founder of Cardano, suggested that Bitcoin could rise to $250,000 by late 2025, highlighting factors such as regulatory advancements, global tensions, and increased adoption of cryptocurrencies as pivotal drivers. Shortly thereafter, staunch Bitcoin supporter Max Keiser reiterated his prediction of $220,000 for 2025, asserting that Bitcoin’s performance since his initial claim validated his position.

Trouble Brewing

Crypto analyst Ali Martinez has also pointed out warnings on Bitcoin’s weekly chart, noting that the SuperTrend indicator has turned bearish. Historically, such a shift has signaled considerable downturns in the Bitcoin market, demonstrating consistent patterns over more than ten years.

Martinez has indicated that every instance of the SuperTrend indicator turning bearish on a weekly basis has been followed by significant corrections in Bitcoin’s price, ranging from double-digit declines to severe multi-month retracements. The continued emergence of bearish signals at current price levels further substantiates concerns that this pullback may extend beyond mere short-term fluctuations, with a pervasive sentiment of “extreme fear” enveloping the market.

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