Veteran trader Peter Brandt said on June 3 that Bitcoin reached the February low area, his initial downside target, but warned the asset could continue weakening or enter a terminal wash-out phase before establishing stronger support. Brandt stated he does not see a tradable low until October. The assessment follows Brandt's application of classical chart analysis to cryptocurrency markets, where he has identified key support and resistance levels based on historical price patterns.
Brandt Identifies February Low as Initial Target on June 3
On June 3, Brandt said Bitcoin had reached the February low, a level he identified as his initial downside target. He warned that the asset could continue weakening and potentially enter a terminal wash-out phase before establishing stronger support.
Brandt stated: "As I see it bitcoin has met its initial target at Feb low. This does not mean that BTC cannot work lower or have a terminal wash-out. I do not see a tradable low until October."
![Peter Brandt BTC Chart February Low]()
BTC chart shared by Peter Brandt. Source: Peter Brandt via X.
The terminal wash-out warning indicates Brandt does not view the February low as the end of the decline. Such a scenario would involve a final wave of selling pressure before a more durable bottom forms.
May 13 Warning Highlighted Bear Channel Below $79,145
The June 3 statement followed Brandt's May 13 view that Bitcoin had not yet completed a recognizable bottom. In that post, he described a bear channel forming from the February low and said a close below $79,145 would point to lower levels inside that channel.
Brandt's May 13 analysis made the February low a key reference point in his assessment of Bitcoin's price structure. The $79,145 level represented a technical threshold that would confirm further downside within the bear channel framework.
October Timeline and September-October 2029 Cycle Projections
The October timeline did not appear for the first time in Brandt's June 3 post. On April 23, he projected an investable low in September or October 2026 and said that low could either hold above or break below the February 2026 bottom.
On April 23, Brandt wrote: "Should bitcoin continue with the most remarkable cyclic patterns of any market in the past 15 years, an investable low is scheduled for Sep/Oct 2026. That low might or might not penetrate the Feb 2026 low. The next high (should patterns continue) will be between $300k and $500k in Sep/Oct 2029."
The April 23 projection outlined a multi-year cycle framework. Brandt identified September or October 2026 as the timeframe for an investable low, with the February 2026 low serving as a key reference point. He projected the next high between $300,000 and $500,000 in September or October 2029, contingent on continuation of historical cyclic patterns.
FAQ
What did Peter Brandt say about Bitcoin on June 3?
Peter Brandt said on June 3 that Bitcoin reached the February low, his initial downside target, but warned the asset could continue weakening or enter a terminal wash-out phase. He stated he does not see a tradable low until October.
What price level did Brandt identify on May 13 as a key threshold?
On May 13, Brandt identified $79,145 as a key level. He said a close below $79,145 would point to lower levels inside a bear channel forming from the February low.
What cycle projections did Brandt provide on April 23?
On April 23, Brandt projected an investable low in September or October 2026, which might or might not penetrate the February 2026 low. He projected the next high between $300,000 and $500,000 in September or October 2029, contingent on continuation of historical cyclic patterns.
