📈 Peter Brandt's bullish forecast for Bitcoin in the current downturn
🐻 Senior trader Peter Brandt reiterated his long-term bullish outlook on Bitcoin (BTC), expecting that despite recent price declines wiping out all gains for the cryptocurrency in 2025, Bitcoin could reach $200,000 by the third quarter of 2029. Brandt stated in a post on X on November 21 that the current market downturn is actually beneficial for Bitcoin, calling it
The best thing that could happen to Bitcoin.
📉 This optimistic view comes as Bitcoin's price has significantly dropped in recent weeks, raising concerns that the bull market may be ending. On November 21, BTC fell to $80,537, dropping more than 10% that week, with a market cap of $1.67 trillion. Analysts attributed this decline to massive capital outflows from the spot Bitcoin ETF and the collapse of the macro narrative that supported its rise earlier this year.
💔 Currently, the BTC price has dropped more than 30% from the October high of $126,080, causing many investors to panic sell their positions. However, Brant questioned the logic of this approach, pointing out that those selling now may find themselves having to buy back at a higher price in the future. He commented on
Strange things—the market psychology
, that the trapped BTC holders say they will exit at the top of the next cycle, but
The problem is that they will be buyers at the next market peak, not sellers.
⚠️ Brant also took the opportunity to reiterate his criticism of Michael Saylor and his company MicroStrategy's (MSTR) Bitcoin accumulation strategy. He warned that if BTC continues to fall, MSTR may be forced to sell its holdings, which could create additional selling pressure on the market. When asked about the possibility of liquidation due to MSTR not having margin loans secured by BTC, Brant pointed to the relationship between the company's debts and assets. He stated,
MSTR has debt corresponding to its assets. Assets are wealth. Wealth can only be converted into cash when sold. His debts and Bitcoin represent a massive supply in the market. Do not be fooled.
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