Veteran trader Peter Brandt isn’t feeling bullish about the end of the year. He’s shared some pretty pessimistic price targets for major assets, including the S&P 500, Bitcoin, and Ethereum. Let’s break down his predictions:
S&P 500: A Year-End Dip?
Brandt sees a bearish outlook for the S&P 500. After breaking below the 5800 support level, he predicts it will close the year around 4500. That’s a significant drop from its current level.
Bitcoin and Ethereum: A Crypto Correction?
Brandt’s predictions for crypto are equally gloomy. He forecasts Bitcoin dropping to roughly $50,000 by year’s end, a considerable decrease from its current price. For Ethereum, he’s predicting a plunge to around $600.
Gold: A Shining Exception?
While Brandt is bearish on stocks and crypto, he sees a different story for gold. He believes gold has more room to grow, potentially reaching prices near $3600. He points to a recent breakout as a bullish signal.
The Bottom Line
Brandt’s predictions are just that – predictions. It’s important to remember that the market is unpredictable, and these are just his opinions based on his analysis. Always do your own research before making any investment decisions.