Peter Brandt predicts significant declines for the S&P 500, Bitcoin, and Ethereum by year-end, with the S&P expected to close below 4,500, Bitcoin around $50,000, and Ethereum near $600. Conversely, he forecasts an upward trend for gold, potentially reaching $3,600.
Peter Brandt, a veteran trader, has disclosed his bearish predictions for major risk assets including the S&P 500, Bitcoin (BTC), and Ethereum (ETH) as the year ends. He communicates these insights to his 792,500 followers on social media platform X, indicating a significant downward trend stemming from key technical indicators.
Regarding the S&P 500, Brandt has noted that the index has breached critical support levels at 5,800, which subsequently turned into resistance. He forecasts a year-end close for the S&P 500 slightly below 4,500 points. As it currently stands, the index is trading at 5,282.
For Bitcoin, Brandt anticipates a drop towards the $50,000 region following the breakdown of its bullish parabola that has been active throughout 2023. His analysis reflects not a personal opinion but a deduction based on chart analysis. Bitcoin’s current trading value is $85,280.
In terms of Ethereum, Brandt predicts a decline to approximately $600 by year-end, with the current value being $1,616. This expectation is based on technical market movements which signal a potential bearish trend.
Looking at gold, Brandt sees an optimistic outlook, projecting that it could surge to prices nearing $3,600. He presents a chart that indicates a breakout from an ascending channel, a pattern indicative of a strong bull market in which the asset is forming higher highs and lows. Presently, gold is valued at $3,327.
