Bitcoin Tests $80,000 but Brandt Warns the Real Bottom Is Still Months Away

• Bitcoin hit $80,000 earlier today for the first time since January on the back of strong ETF inflows and increasing leverage.
• Veteran trader Peter Brandt says that the BTC bottom is not in yet and expects it to drop to $50,000 before recovering to set a new high at $250,000.

Bitcoin has finally hit $80,000 after surging nearly 3% in the early hours today amid a strong open to the Asian market. It was the first time BTC had hit this milestone since January 31.

At press time, the top crypto trades at $79,700, dipping slightly from its three-month high of $80,526. In the past 24 hours, it has gained 1.76%. BTC opened the week with strong demand, with the trading volume doubling to hit $34 billion after a cyclical drop over the weekend.

In April, the crypto gained 12%, its highest monthly gain in a year, after a bearish 12 months in which it dipped for five consecutive months between October last year and February this year.

According to Raj Karkara, the COO of crypto exchange Zebpay, hitting $80,000 is more than just a price milestone; “it reflects the asset’s resilience, growing maturity, and its ability to sustain long-term investor conviction through multiple market cycles.”

Despite the rising volume today, market data suggests that retail demand is still low. In the past month, institutional investors have steered the market, pouring $2.7 billion into Bitcoin ETFs in the past three weeks alone. On Friday alone, these ETFs attracted $630 million.

A report from Crypto Quant doubled down on the lack of retail demand. The crypto analytics firm wrote that the April gains were driven almost entirely by a sharp spike in demand for perpetual futures. Spot demand had dwindled throughout the month. FlowDesk, another crypto data platform, adds that leveraged long positions have been on a steady rise, boosting crypto prices.

Price rises ignited by the futures market tend to be short-lived and collapse once the traders’ positions unwind.

Peter Brandt: Bitcoin Bottom Not In Yet

As Bitcoin tests $80,000, analysts are divided on whether the top coin has overcome its bear market. Some say that if BTC can hold above $80,000 and make it its new support level, it can surge past its previous all-time high.

However, others believe the bottom is not in yet. One of these is Peter Brandt, a veteran trader with over four decades of experience. He believes that the market still has at least five months of bear market conditions and that BTC could dip to as low as $50,000. He told one outlet:

Brandt is basing his prediction on the four-year Bitcoin halving cycle. In previous cycles, BTC has hit new peaks around 18 months after the halving, and then a year-long bear market ensues. Then, around a year before the next halving, a new bull cycle begins.

This pattern held in the most recent halving cycle, where BTC hit a new all-time high of $126,000 in October last year. This was 18 months after the April 2024 halving. Following this pattern, the bottom should hit around September this year.

Brandt believes that once a new rally starts in October, BTC will set a new record at $250,000.

Trader Ted Pillows concurs, adding that BTC usually records at least 9 red monthly candles before reversing trend. This cycle has only recorded five red monthly candles, indicating that the coin has yet to bottom out.

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