Veteran trader Peter Brandt expects Bitcoin to not reach new highs until at least the second quarter of 2027. "This is all guesswork," he admitted, but his bearish stance aligns with Polymarket traders, who assign only a 15% probability to Bitcoin hitting $120,000 this year.
Bitcoin currently trades at $66,329 - down 47% from its October 2023 all-time high of $126,100. Brandt warns the 2026 low may not yet be in, forecasting a potential retest below $60,000 before a new bull cycle begins.
Brandt maintains his core thesis: Bitcoin is a digital store of wealth. He remains neutral or bearish on all other cryptocurrencies.
Analyst Willy Woo suggests Bitcoin is one-third through its bear market from a liquidity standpoint.
Spot Bitcoin ETFs posted $296 million in net outflows last week, ending a four-week inflow streak. The Crypto Fear & Greed Index sits at 8 - extreme fear.
SkyBridge’s Anthony Scaramucci echoes the four-year cycle narrative, suggesting market psychology reinforces bearish momentum. While Fundstrat’s Tom Lee still expects a 2026 all-time high, prevailing sentiment among institutional players remains cautious.