Bitcoin’s price is currently experiencing a downward trend, consistent with its historical cycles. Despite a sense of panic prevailing in the cryptocurrency market, seasoned analyst Peter Brandt believes this downturn is laying the groundwork for a new bull market. Brandt predicts that Bitcoin 
$90,533 will reach $200,000 in the next cycle and asserts that the current decline is an indicator of significant long-term growth.
Peter Brandt: “The Downtrend is Optimal for Bitcoin”
On November 21, veteran analyst Brandt shared his insights on his social media account, drawing attention to Bitcoin’s cyclical peak and trough patterns. He described the current price drop as “the best possible development for Bitcoin.” According to Brandt, the market is currently in the bearish phase of a classic four-year cycle, which will ultimately pave the way for a new record-breaking period. He forecasts that Bitcoin could hit $200,000 by the third quarter of 2029.
Brandt also revealed that he holds 40% of his portfolio in BTC, underscoring his long-term commitment to the cryptocurrency despite its current depreciation. He mentioned that his average holding cost is much lower than the well-known firm MicroStrategy’s average purchase price. Although he faces substantial criticism, Brandt views the present decline as a “necessary cleansing process” before the next bull run.
The Technical Perspective on Bitcoin
Brandt’s previous analyses pointed to robust support levels at $81,000 and $58,000 for Bitcoin. He anticipates that many traders who initially planned to buy at $58,000 might panic sell as the price approaches $60,000. Brandt predicts that breaking this psychological barrier will trigger a price recovery.
Technical data further supports the analyst’s viewpoint. A “death cross” pattern has emerged on the daily chart, as the 50-day moving average has dipped below the 200-day moving average. Historically, this crossing of moving averages has triggered long-term uptrends following substantial downturns. Additionally, the 200-week moving average, around $56,000, is considered a strong reference point for a potential bottom region.
Currently, Bitcoin is trading at $84,262. The largest cryptocurrency has dropped over 8% in the past 24 hours. Trading volume surged by 38% during the same period, highlighting the intensity of the selling pressure.
