Peter Brandt Warns Bitcoin May Drop Further as October Becomes Key Window

Bitcoin has reached Peter Brandt’s February downside target, but the veteran trader says BTC could still move lower before forming a tradable bottom. In an earlier outlook, he projected a potential $300,000 to $500,000 bitcoin peak in 2029.

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.”

BTC chart shared by Peter Brandt. Source: Peter Brandt via X. 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.

The terminal wash-out warning indicates that Brandt does not view the February low as the end of the decline. Such a scenario would involve a final wave of selling pressure before a more durable bottom forms.

October Timeline Puts Bitcoin’s Correction Back in Focus

The October timeline did not appear for the first time in Brandt’s latest post. On April 23, he projected an investable low in September or October 2026 and said that low could either hold above or break below the February 2026 bottom. The forecast made the February low a key reference point in his longer-term market cycle analysis.

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:

“That low might or might not penetrate the Feb 2026 low. The next high (should patterns continue) will be between $300k and $500k in Sep/Oct 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.