Veteran trader Peter Brandt predicts significant downturns for the S&P 500, Bitcoin, and Ethereum by year-end, with forecasts of 4,500 for the S&P, $50,000 for Bitcoin, and $600 for Ethereum. Conversely, he suggests gold has potential for upward movement, possibly reaching $3,600.
Legendary trader Peter Brandt predicts significant declines for major risk assets, including the S&P 500, Bitcoin (BTC), and Ethereum (ETH), by the end of the year. He highlights that the S&P 500 breached a key support level of 5,800 and is now reacting as resistance, forecasting a year-end close around 4,500 points, down from its latest position at 5,282.
Regarding Bitcoin, Brandt expects a drop to approximately the $50,000 level after a breakdown of its bullish parabola that has sustained positive momentum since 2023. Currently, Bitcoin’s trading value is $85,280, and Brandt’s analysis relies on chart indicators rather than personal opinion.
For Ethereum, Brandt anticipates a significant decrease to about $600 by year-end, with its present value at $1,616. He emphasizes the importance of technical analysis, which informs this bearish outlook for ETH.
In contrast, Brandt expresses a positive outlook for gold, which he believes has potential for further upward movement. He cites a recent breakout from an ascending channel pattern, suggesting that gold could reach approximately $3,600. Gold is currently valued at $3,327.
Brandt’s insights underline the volatility in these markets, necessitating caution from investors. He reminds followers about the importance of due diligence before making investment decisions, especially in high-risk assets such as cryptocurrencies.
The opinions shared here do not comprise investment advice, and potential investors should be aware of their responsibility for their own financial choices.
