Peter Brandt, one of the most famous cryptocurrency traders, has predicted that the price of Bitcoin (BTC) could potentially soar to the pie-in-the-sky $500,000 level.
However, before this happens, Bitcoin might plunge to as low as $60,000, Brandt predicts by November 2026.
Has Bitcoin peaked?
Brandt believes that there is roughly a 30% chance that Bitcoin has already reached the peak of the current cycle.
"Dear readers, I am a Bayesian and must always consider binary narratives even if they oppose my personal viewpoints and hodlings. This is how I have survived five decades of commodity trading," Brandt explained.
On Thursday, the leading cryptocurrency by market cap surged to a new all-time high of $124,517 on the Bitstamp exchange. However, the bulls were then caught off guard by a significant sell-off, which was fueled by July's underwhelming wholesale inflation report.
Bitcoin extended its plunge on Friday, dropping to an intraday low of $116,909 at 20:000 UTC on the Bitstamp exchange.
More bullish predictions
As reported by U.Today, Placeholder's Chris Burniske previously predicted that the largest cryptocurrency could reach a cycle peak of roughly $143,000.
Meanwhile, multinational bank Standard Chartered previously predicted that Bitcoin could potentially surge to as high as $200,000 by the end of this year.
As of now, Bitcoin has a 40% chance of hitting $150,000 this year, according to Polymarket bettors.
Legendary venture capitalist Tim Draper previously forecasted that Bitcoin would finally be able to breach the $250,000 level this year.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team