Peter Brandt Regrets Not Shorting Bitcoin, Confirms Banana Chart

Legendary trader Peter Brandt has shared his perspective on the recent cryptocurrency market slump, connecting it to his long-standing analysis of Bitcoin’s price cycles. 

Brandt explained that he had anticipated October 5 to mark the top of Bitcoin’s rally based on his unique interpretation of market cycles. 

Although he did not take a short position, he noted that the date aligned closely with his earlier predictions of a potential peak.

Brandt’s approach to analyzing Bitcoin centers on its four-year halving cycles, which reduce the rate of new Bitcoin creation by half and often serve as a structural midpoint between market lows and highs. 

He previously suggested that a tradable top could form roughly six weeks after the halving, consistent with patterns observed in previous cycles. 

Black Friday

The crypto market endured a brutal correction this week, triggered by new U.S. tariffs and export controls targeting China. The U.S. government’s announcement of an additional 100% tariff on Chinese goods and restrictions on software exports sparked panic across global markets, while crypto bore the brunt of the reaction.

Bitcoin, which had hit an all-time high above $125,000 earlier in the week, plunged by more than 12%, dropping below the $113,000 mark.

According to data from Coinglass, more than $19 billion in leveraged positions were liquidated in the past 24 hours, affecting over 1.6 million traders worldwide. More than $7 billion of these liquidations occurred in just one hour on Friday, marking an unprecedented wave of forced selling.

Crypto market reactions

Despite the shock, leading industry voices are urging calm. Michael Saylor, CEO of MicroStrategy, reaffirmed his conviction in Bitcoin, noting that such volatility is part of its long-term growth cycle.

Anthony Pompliano also offered a contrarian perspective, tweeting:

Crypto analyst Michaël van de Poppe went further, suggesting that altcoins may have finally found their bottom. 

BTC enthusiast Samson Mow emthasized that October is not done yet.

Meanwhile, James E. Thorne pointed out that Bitcoin’s price remained above $110,000, underscoring the asset’s structural strength.