Today, we saw a major crypto crash, wiping out billions within hours and pushing sentiment into extreme fear territory. Bitcoin price crash concerns intensified as BTC fell to around $85,738, now down more than 13% for the week. Ethereum price dropped to $2,806, losing 14% in the past seven days, while XRP price slipped to $1.98, extending weekly losses to nearly 16%.
With the global market cap at $3.06 trillion, the sell-off highlights just how widespread the pressure has become. The Fear and Greed Index remained at 11 for the second week in a row, and more than 221,000 traders were liquidated in the past 24 hours, erasing $794 million in positions.
Peter Brandt Bullish Despite the Bitcoin Price Crash
Veteran trader Peter Brandt revealed that he still holds 40% of his largest-ever Bitcoin position, which he bought at a price he says is one-twentieth of Michael Saylor’s average.
Despite the ongoing crypto crash, he described the current correction as
“The best thing that could happen to Bitcoin,” saying that it clears excess leverage and sets the stage for a stronger recovery.
Brandt predicts the next major bull market could push Bitcoin to $200,000 by Q3 2029, with a detailed analysis expected soon for Bitcoin Live members.
Brandt’s $200K-by-2029 projection drew mixed reactions. Critics like Rex argued that such returns are “trash” relative to Bitcoin’s risk profile, while others said this target fails to outpace inflation.
Some traders, like Roidz, supported Brandt’s cycle-based forecast, predicting a bottom in October 2026 and a peak in September 2029. Others insisted the current drop is just a “healthy correction.”
On the other hand, Bloomberg analyst Mike McGlone warned that if Bitcoin repeats its 2018 structure, it could fall as low as $10,000. He pointed to growing token supply, deteriorating macro conditions, and late-cycle ETF inflows as signs of vulnerability.
Analysts Stay Bullish as Market Approaches Oversold Levels
Bitcoin maximalist Michael Saylor urged investors not to panic-sell, noting that his company added $800 million worth of BTC last week and would remain strong even if Bitcoin fell by 90%.
Charles Hoskinson also maintained a bullish stance, predicting Bitcoin could end next year at $250,000.
Despite fear dominating the market, several indicators hint at a possible turning point. Bitcoin is nearing oversold levels, suggesting a rebound could form quickly once selling pressure cools. Sentiment is so fragile that even a slight increase in the odds of a December rate cut now priced at 31% probability could trigger the next wave of bullish momentum.
However, risks remain. Analysts warn that a slow, grinding recovery until 2029 could place serious strain on miners as operational costs rise and block rewards continue shrinking.
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FAQs
The market is selling off after a sharp drop in Bitcoin and heavy panic across major coins, wiping out over $3 trillion in market value.
A close below $85,000 could send Bitcoin toward $75,000–$77,000, and if that fails, the move toward $60,000 may speed up.
Yes, Bitcoin is oversold, which often triggers short-term bounces, but it doesn’t guarantee a strong or lasting reversal.
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