Veteran commodities trader Peter Brandt is telling his followers to brace for more pain in Bitcoin before a real bottom forms. In a note this week, Brandt said the cryptocurrency may keep sliding, with October now the key month to watch for signs of a tradable floor. His warning comes as Bitcoin's recent price drop finally touched the downside target he set back in February — but that doesn't mean the coast is clear.
Why October matters
Brandt didn't call a specific price level for the bottom, but he pointed to October as the critical period for potential stabilization. That timeline lines up with typical seasonal patterns — crypto markets have historically seen volatile late summers and calmer autumns. But the exact low, Brandt suggests, hasn't been hit yet. Traders watching the chart will have to wait at least three more months before the picture gets clearer.
February target finally hit
The recent selloff wasn't a surprise to Brandt. He said this week that Bitcoin's price drop has now reached the downside target he projected in February 2026. That means the move he anticipated months ago is playing out. But reaching a target doesn't automatically mean a reversal is coming. "Tradable bottoms take time to form," Brandt noted — a rare direct quote from the facts. The implication is that even after hitting the target, the market could drift lower or chop sideways before finding solid support.
Long-term view remains bold
This near-term caution doesn't cancel Brandt's bigger call. Back in early 2026 he projected that Bitcoin could peak between $300,000 and $500,000 by 2029. That's still on the table. The question is whether the current decline is just a healthy correction within a long bull run or something more serious. Brandt seems to lean toward the former — he's not abandoning his bullish target, just warning that the path there could get bumpy over the next few months.
For now, the clock is ticking toward October. If Brandt's read is right, that's when traders will get a clearer signal on whether the floor is in.
