Peter Brandt Predicts 14% Drop in S&P 500, Bitcoin to Fall 41%

Veteran trader Peter Brandt has shared his end-of-year price targets for several key assets, including the S&P 500, Bitcoin, and Ethereum. Brandt, known for his astute market analysis, has a significant following on social media platforms, where he frequently shares his insights and predictions.
Brandt's analysis of the S&P 500 indicates a bearish outlook. He notes that the index has breached support at 5,800 points and has since retested this level as resistance. Based on this technical analysis, Brandt predicts that the S&P 500 will close the year slightly below 4,500 points. This forecast suggests a significant decline from the current trading level of 5,282 points, reflecting Brandt's cautious stance on the US stock market.
Turning to the cryptocurrency market, Brandt sees a similar bearish trend for Bitcoin. He observes that Bitcoin has violated a parabola that has kept the asset bullish since 2023, suggesting a potential drop to around $50,000 by the end of the year. This prediction is based on chart patterns and technical indicators, which Brandt believes point to a possible correction in the cryptocurrency's price. Currently, Bitcoin is trading at $85,280, indicating a substantial potential decline according to Brandt's analysis.
Ethereum, another major cryptocurrency, is also expected to face a significant downturn. Brandt predicts that Ethereum will plummet to around $600 by the end of the year. This forecast is based on similar technical analysis, with Brandt noting that the current price of $1,616 for Ethereum is unsustainable given the market conditions.
In contrast to his bearish outlook on risk assets, Brandt is optimistic about
. He believes that the precious metal has more room to run to the upside this year. According to Brandt, gold has broken out of an ascending pattern, which suggests a strong bull market. He predicts that gold could hit prices close to $3,600, reflecting his bullish stance on the precious metal. As of Friday’s close, gold is worth $3,327, indicating a potential for further gains according to Brandt's analysis.Brandt's predictions are based on his extensive experience and technical analysis, providing valuable insights for investors and traders. However, it is important to note that these forecasts are not investment advice, and investors should conduct their own due diligence before making any high-risk investments.

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