Crypto analyst Bren expects Bitcoin to go back to its $56,000 bear-market low before it starts a stronger recovery, with the US midterm elections adding uncertainty to an already fragile market.<\/p>\n
But despite his short-term caution, the trader believes 2027 could bring a new all-time high for the OG cryptocurrency, potentially after a bullish first and second quarter.<\/p>\n
In a post on X on November 4, Bren explained<\/a> that his immediate market outlook is bearish, with BTC not being able to sustain its recovery after hitting the $78,000 level, as well as a wedge\/channel formation on the Ethereum chart making him reluctant to increase his exposure to riskier assets.<\/p>\n In a video accompanying the X post, the trader described the current correction as being in its last stages, which would put Bitcoin\u2019s likely bear market bottom at $56,000. According to him, the price structure that has been developing since September is very likely to produce a higher low than another extended downturn.<\/p>\n However, for the analyst, early next year looks very bullish, especially Q1 and Q2, and at some point, he says BTC will register a new record.<\/p>\n \u201cI think sometime in 2027 Bitcoin will make a new all-time high,\u201d he said in the video.<\/p>\n According to him, if the primary crypto moves back above the $80,000 to $81,000 level, then it could make many market participants more risk-on and lead to them taking bigger altcoin positions, although he expects the buying to stay low until then.<\/p>\n Bren\u2019s outlook came against a rapidly changing political backdrop.<\/p>\n \u201cElections are always tough. Upsets are common,\u201d the analyst wrote on X. \u201cAnd the consensus result often produces an outcome that makes us go, \u2018WTF?’\u201d<\/p>\n Indeed, Democrats have reclaimed<\/a> both chambers of Congress in the aftermath of the November 3 midterm elections, with projected results at the time of writing giving the party 255 House seats and 53 Senate seats.<\/p>\n As CryptoPotato<\/em> reported before, midterms in the past have produced mixed implications for crypto investors, with Bitcoin falling<\/a> more than 45% within 71 days of the 2014 polls and nearly 50% in 39 days after 2018\u2019s. However, as trader Dealer.eth pointed out, those post-election lows went on to become the bear market bottoms of their cycles, with BTC gaining an average of 54% in the 12 months after the events.<\/p>\n At press time, the asset was within touching distance of $78,000 after gaining almost 2% in 24 hours. Nonetheless, that small pump was not enough to mitigate the drops across other timeframes, with BTC\u2019s 7-day chart showing it almost 4% in the red, while across one month it was down over 9% and more than 27% lower than where it was one year ago.<\/p>\n The post Bitcoin to $56K Before a 2027 ATH? Analyst Shares His Forecast<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Crypto analyst Bren expects Bitcoin to go back to its $56,000 bear-market low before it starts a stronger recovery, with the US midterm elections adding uncertainty to an already fragile market. But despite his short-term caution, the trader believes 2027 could bring a new all-time high for the OG cryptocurrency, potentially after a bullish first […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-247412","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247412"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=247412"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247412\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=247412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=247412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=247412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Midterm Results and Bitcoin\u2019s Price Backdrop<\/h2>\n