Veteran Trader Peter Brandt Predicts Lower Levels for S&P 500, Bitcoin, and Ethereum by Year End

US Stock Market Outlook

Renowned trader Peter Brandt has shared his bearish outlook for risk assets such as the S&P 500, Bitcoin, and Ethereum. According to Brandt, the S&P 500 looks set for a downward trajectory after breaking below key support at 5,800 and failing to reclaim it as resistance.

Brandt’s forecast suggests that the S&P 500 could close the year slightly below 4,500 points, marking a significant drop from its current level of 5,282.

Bitcoin and Ethereum Price Predictions

Turning to the cryptocurrency market, Brandt anticipates a steep decline for both Bitcoin and Ethereum. He predicts that Bitcoin could plummet to around $50,000 as it violates a crucial parabolic trend that has supported its bullish momentum since 2023. As of now, Bitcoin is trading at $85,280.

For Ethereum, Brandt foresees a drop to approximately $600 by the end of the year, signaling a sharp decline from its current price of $1,616.

Gold’s Bullish Run

While Brandt is bearish on stocks and cryptocurrencies, he remains optimistic about gold’s potential for further upside. He believes that gold has broken out of an ascending channel pattern, indicating a strong uptrend that could propel prices towards $3,600. As of the latest close, gold is valued at $3,327.

Overall, Brandt’s projections paint a cautious picture for risk assets like stocks, Bitcoin, and Ethereum, while highlighting the potential for continued strength in the precious metals market.

Stay Informed with The Daily Hodl

For more updates on market trends and price movements, follow The Daily Hodl on X, Facebook, and Telegram. Don’t miss out on the latest news – subscribe to receive email alerts directly to your inbox. Keep track of price action and explore The Daily Hodl Mix for a comprehensive market overview.

Image generated by DALLE3