Peter Brandt says Bitcoin may rebound short term while forecasting gold could fall to $4,430 and potentially $4,000.
Veteran trader Peter Brandt has projected a possible Bitcoin rebound while warning of a sharp decline in gold prices toward $4,000.
His latest comments follow earlier calls in which he anticipated a major Bitcoin correction below $63,000.
Bitcoin Correction May Be Nearing a Pause
Peter Brandt previously forecast a drop to at least $58,000 when Bitcoin traded near $90,000.
That projection was based on historical four-year cycle patterns and prior bear market corrections. After Bitcoin fell more than 50% from its all-time high, Brandt maintained a cautious short-term view.
In a recent post on X, Brandt stated that “Bitcoin may go up.” He indicated that a short-term rebound is possible, even though he remains cautious about near-term price action. He also kept a constructive outlook for the longer term.
Brandt rejected claims that Bitcoin is forming an inverse head and shoulders pattern.
He wrote, “The level of incompetence about classical charting principles on X and YouTube is unbelievable.” His comments reflect reliance on traditional technical analysis methods.
Bitcoin Dominance and Market Conditions
Market data shows Bitcoin dominance is no longer rising as previously expected.
According to Matrixport, dominance has moved in line with broader crypto market consolidation and has rebounded to around 58%.
Matrixport stated that capital is not clearly rotating back into Bitcoin for strong upside momentum.
The firm noted that parts of the broader crypto market are showing relative resilience. It added that some investors may be reassessing Bitcoin’s leadership position.
Spot Bitcoin ETFs have also recorded outflows in recent sessions.
Combined with macroeconomic pressure and on-chain signals, these factors have contributed to cautious short-term expectations for Bitcoin price movement.
Related Reading: Veteran Trader Peter Brandt Lowers Bitcoin Crash Target as BTC Sell-Off Deepens
Gold Rising Wedge Points to Downside Target
Brandt also shared a technical outlook on gold prices. He said gold has completed a corrective rising wedge pattern, which often signals downside risk in classical charting.
He projected an initial test toward $4,430 before a potential move to $4,000.
Brandt stated that he would inform members of his Factor Report community when he begins a buying program after the correction.
Despite this forecast, gold prices have recently traded near $4,950 after recovering from a two-day decline.
Market data also shows increased bullish positioning in COMEX gold futures, with traders accumulating long-dated call options targeting higher price levels.
Source: https://www.livebitcoinnews.com/veteran-trader-peter-brandt-predicts-btc-bounce-gold-at-4k/
