'Crypto Godfather' Michael Terpin Says Bitcoin Has Yet to Bottom, Sees No Record High in 2026

Veteran trader Peter Brandt has warned that Bitcoin’s recent strength may prove to be a false breakout, leaving the cryptocurrency exposed to a steep correction toward the $40,000 range. His outlook stands out for combining a specific downside target with a long-dated market-cycle forecast, extending the expected bear-market trough into 2026 and the next potential record high into 2027.

Brandt’s latest projection places Bitcoin’s definitive cycle bottom in early October 2026, after a possible near-term retreat to around $40,000. He expects the market to begin a renewed advance after that low and potentially set an all-time high in 2027. The forecast reflects Brandt’s technical and historical cycle analysis and remains a market scenario rather than a guaranteed price path.

Bitcoin’s price trajectory is often shaped by halving cycles, capital flows and market sentiment, drawing close attention to veteran trader Peter Brandt’s long-term technical analysis. Betting data from prediction market Polymarket can also reflect investors’ collective expectations for specific price levels and time frames.

Brandt’s latest assessment suggests Bitcoin is unlikely to set an all-time high in 2026 and that a market bottom may not arrive until the second quarter of 2027. He nevertheless remains bullish on the longer-term outlook after the bottom forms, with a target that could reach $250,000. Polymarket puts the probability of BTC returning to $120,000 in 2026 at just 15%.

Bitcoin prices often move through bull and bear cycles shaped by halving cycles and market liquidity. On-chain analytics firm CryptoQuant uses indicators including the MVRV Z-score to measure how far market value has diverged from realized value, helping it assess pressure from investor losses and identify long-term bottom zones.

CryptoQuant's latest analysis estimates that Bitcoin could face another shakeout in the second half of 2026 and hit an “iron bottom” of about $55,000 around December. It describes the current market as the middle of a grueling marathon and says another round of position-clearing is needed before a subsequent rebound can begin.