Bitcoin is back in focus as veteran trader Peter Brandt raises fresh concerns about where the current market cycle may be headed. With Bitcoin trading well below recent highs and struggling to reclaim strong momentum, Brandt argues that the broader cycle structure remains unfinished. Drawing on decades of chart analysis and Bitcoin’s own history, he believes the market could still be setting up for deeper downside before a true long-term bottom forms.
According to Brandt, Bitcoin’s long-term cycles tend to play out over many years, not months. In his view, the current cycle could extend until 2029, with the next major bull market peak potentially arriving around September of that year. Until then, volatility and uncomfortable price action may remain part of the journey.
Brandt’s caution is rooted in Bitcoin’s past behavior. Over the last 15 years, Bitcoin has gone through multiple explosive rallies followed by brutal corrections. Each major parabolic advance was eventually followed by drawdowns of 80% or more, wiping out excess leverage and speculative froth before the next cycle could begin.
Based on this repeating pattern, Brandt warns that the current downturn may still have room to run. In more extreme scenarios, he has suggested Bitcoin could revisit levels far below current prices, even pointing to the mid-$20,000 range as a possible cycle low. More recently, he has also flagged the risk of a drop below $60,000 if selling pressure accelerates.
Brandt’s bearish outlook on Bitcoin has reignited discussion around altcoins. As Bitcoin trades below key psychological levels and dominance shows signs of softening, some investors believe capital could begin rotating into alternative assets. Historically, periods of Bitcoin consolidation have sometimes coincided with stronger performance across parts of the altcoin market.
Ethereum is often mentioned as a potential beneficiary, given its central role in decentralized finance, tokenization, and institutional experimentation. Some market participants expect select altcoins to outperform if Bitcoin remains range-bound rather than trending strongly upward.
Not everyone is convinced an altcoin season is coming. Crypto analyst, Benjamin Cowen warns that many investors have held onto weak altcoins hoping for an “altseason” that never arrived, largely because macro and monetary conditions were unfavorable this cycle. As altseason expectations get pushed into 2026 after failing in 2024 and 2025, he stresses that long-term wealth is built by holding strong, quality assets rather than chasing speculative narratives.
The divide highlights how uncertain the road ahead remains. Asset managers like Bitwise remain optimistic that Bitcoin, Ethereum, and Solana could reach new highs in 2026 under the right liquidity conditions. Meanwhile, BitMEX co-founder Arthur Hayes argues that “altcoin season” is not a single event at all, but an ongoing process driven by shifting narratives and capital flows.
For now, the market sits at a crossroads, balancing historical caution against evolving adoption and liquidity dynamics.
Veteran traders warn Bitcoin cycles often include deep pullbacks. While timing is uncertain, history shows sharp corrections can happen before a long-term bottom forms.
Not always. Altcoins sometimes outperform during Bitcoin consolidation, but weak macro conditions can prevent a broad “altcoin season” from materializing.
Not necessarily. Experts warn that holding quality assets is key; weak altcoins may not rally simply because Bitcoin is struggling, as broader market and liquidity conditions play a crucial role.
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