Veteran trader Peter Brandt, who accurately predicted Bitcoin price crash below $63K, now says “BTC may go up.” He also predicts a massive correction in gold prices toward the $4,000 level.
Peter Brandt Says Bitcoin Price Faces Correction But May Rebound
Legendary technical chartist Peter Brandt thinks Bitcoin price has more downside after more than 50% crash from its all-time high. He predicted a crash to at least $58K when BTC was trading around $90K, pointing to historical bear market corrections based on its four-year cycle.
However, in an X post on Tuesday, Brandt said “Bitcoin may go up.” He anticipates a slight rebound in BTC, while maintaining a bearish forecast for short-term and a bullish stance for long-term.
Peter Brandt also rejected claims that BTC is forming an inverse head and shoulders pattern. “The level of incompetence about classical charting principles on X and YouTube is unbelievable,” he added.
Brandt’s forecast aligns with macro pressure, spot Bitcoin ETF outflows, and on-chain bearish Bitcoin price predictions.
Meanwhile, Matrixport highlights that Bitcoin’s dominance is no longer rising, pointing to a paradigm shift in the crypto market. Bitcoin dominance is moving in line with the broader crypto market’s consolidation, bouncing to 58%.
The lack of strong rebound signals capital is not rotating back for upside momentum in Bitcoin price. Experts have argued that Bitcoin price may look stuck until March.
“This dynamic may indicate that some investors are beginning to reassess Bitcoin’s relative leadership, particularly as parts of the broader crypto market show signs of relative resilience or outperformance,” Matrxiport added.
Gold Rising Wedge Signals Sharp Decline Ahead
On the other hand, Peter Brandt’s classical charting analysis reveals that gold’s recent price action has completed a corrective rising wedge pattern. He predicted a “textbook” downside outcome for an initial test to $4,430.
He also anticipate gold price to crash to $4,000. However, he considers a stronger accumulation after crashing. “I will inform members of the Factor Report community when I begin a buying program,” Peter Brandt added.
This bearish near-term call on gold contrasts with its latest upside momentum. As CoinGape reported, bullish bets on gold are surging despite a historic correction on COMEX gold futures. Traders began accumulating December calls for a target of $15,000-$20,000.
While Bitcoin price could stabilize and rebound as corrections resolve, gold may face profit-taking amid new supply and tokenized gold selloffs. Today, gold prices are rising towards $4,950, recovering some losses following a two-day decline.