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Veteran trader Peter Brandt believes Bitcoin (BTC) could take more than a year to reclaim its all-time high.
Recent Bitcoin spot ETF data support a cautious outlook. As per data from SoSo Value, from Jan. 1 to March 30, ETFs recorded approximately $7.9 billion in inflows against $8.86 billion in outflows, resulting in nearly $1 billion in net outflows.
This shift signals a transition from strong accumulation to more balanced, and at times negative, institutional flows.
Heavy outflows in January weighed on the overall trend, while March showed partial stabilization with intermittent inflows.
The evolving ETF dynamics suggest that institutional investors are becoming more tactical, rotating capital rather than steadily accumulating Bitcoin exposure.
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At press time, Bitcoin was trading at $67,743.97, down about 46% from its $126,000 peak last recorded in October 2025.
According to Brandt, the market may remain under pressure throughout 2026.
“I do not see a new price high in 2026,” Brandt told CoinTelegraph.
He added that a breakout may not occur “until maybe the second quarter of 2027,” while noting such projections remain speculative.
Brandt also suggested Bitcoin could revisit lower levels later this year, potentially dipping below its February low of $60,853. A deeper correction, he said, could mark the final phase of the current bear cycle before a new uptrend begins.
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Broader market sentiment also reflects caution. The Crypto Fear & Greed Index has remained in “extreme fear” territory since March 20, registering a score of 11 on March 31.
Despite near-term bearish signals, Brandt maintained his long-term conviction in Bitcoin’s role as a store of value.
However, he expressed skepticism toward the broader crypto market, stating he is neutral to bearish on alternative cryptocurrencies.
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