Veteran trader and chart analyst Peter Brandt said the daily chart of Nasdaq 100 E-mini futures, or NQ, may be forming a diamond pattern that could mark a market top. In a recent interview, Brandt also said Bitcoin could first rebound by $10,000 before dropping to $40,000, where it may form a bottom in early October 2026. He tied that view to Bitcoin’s historical cycle patterns and warned that the asset could be setting up for a false breakout while trading around $60,000. Even with that near-term bearish outlook, Brandt said he remains constructive on Bitcoin over the longer run. He added that the cryptocurrency could reach $300,000 to $500,000 by 2029.
BlockBeats reported on July 17 that trader and chart analyst Peter Brandt said the daily chart of Nasdaq 100 E-mini futures (NQ) may be forming a “diamond” pattern, which he said could signal that the market has already topped.
In a recent interview, Brandt also said Bitcoin could first rebound by $10,000 and then fall to $40,000, with a bottom forming in early October 2026.
Brandt said the warning was based on Bitcoin’s historical cycle patterns. He added that Bitcoin could be headed for a false breakout. With Bitcoin trading around $60,000, he said the asset faces near-term downside risk.
At the same time, Brandt said he remains bullish on Bitcoin over the long term and expects the price could reach $300,000 to $500,000 by 2029.
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