Just came across Peter Brandt's latest take on bitcoin, and it's worth paying attention to. The veteran trader is calling for BTC to hit $250,000 eventually, but here's the catch - he thinks we need to see a proper market bottom first before that happens.

So when will the market bottom out? That's the million-dollar question everyone's asking right now. Brandt's positioning suggests it could come later this year, which means if he's right, we might not be at peak despair just yet.

What's interesting about this call is the timing. He's not saying we moon from here - he's actually suggesting there's more pain to come before the real recovery kicks in. A lot of traders get caught up in the hype cycles, but Brandt's been around long enough to know that bottoms matter more than tops.

The $250,000 target is ambitious, but honestly it's not completely out of the realm of possibility if we get the macro conditions aligned. The real question isn't whether BTC can reach that level - it's whether the market will actually find a bottom that holds before we get there. When will the market bottom out is really the key variable in his entire thesis.

I've been watching the order books and on-chain metrics, and there's definitely still some uncertainty baked in. If Brandt's prediction plays out and we do see that bottom formation later this year, it could set up an interesting setup for the rest of 2026. The traders positioning for when the market bottoms out are probably going to be the ones who capture the biggest moves.

Either way, it's a reminder that patience in crypto sometimes pays off more than panic selling. Worth keeping on your radar.