Veteran trader Peter Brandt on Monday urged Bitcoin (CRYPTO: BTC) bulls who are predicting $250,000 in 2026 to tone down the hype and focus on more realistic price targets.
No Bullish Bottoming Pattern Yet
Brandt, a technical analyst with nearly 50 years of experience, attached a daily chart on X, showing Bitcoin trading in a defined channel pattern since late 2025
“While it does not preclude further price gains, it is NOT a bullish bottoming pattern,” Brandt stated. “Those of you predicting $250,000 in 2026 need to stop with the mushrooms.”
Last week, Brandt predicted an “investable low” for Bitcoin in September or October 2026, and if the patterns persist, a major high between $300,000 and $500,000 in late 2029
Notably, several bullish Bitcoin price targets have been revised downward lately. For example, Citigroup lowered its 12-month forecast to $112,000, while Standard Chartered reduced its year-end projection from $150,000 to $100,000.
Venture capitalist and Bitcoin bull Tim Draper projected that Bitcoin would reach $250,000 in 18 months, targeting the end of 2027.
Hayes Dials Back On $250,000 Bitcoin Call
BitMEX co-founder Arthur Hayes, who reiterated his $250,000 Bitcoin target as recently as March 2026, has significantly lowered his estimates.
At the Bitcoin 2026 conference in Las Vegas, Hayes noted that banks with big balance sheets would continue issuing loans, thereby sustaining credit liquidity across the market.
He argued that the amount of new credit created would be “larger” than what could be destroyed by AI taking people’s jobs.
“That’s why I believe Bitcoin is going higher. I think my end of year price target is like $125,000,” Hayes projected.
Price Action: At the time of writing, BTC was exchanging hands at $76,807.21, down 3.04% in the last 24 hours, according to data from Benzinga Pro.
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