Analyst: BTC may drop to $40,000 to find a bottom, the Nasdaq index shows a suspected top formation

According to Cointelegraph, renowned trader and chart analyst Peter Brandt posted that the daily chart of Nasdaq 100 mini futures (NQ) may form a "diamond" pattern, or may have already formed a market top.

In addition, Peter Brandt recently predicted in an interview that Bitcoin might first rebound by $10,000, then drop to a high of $40,000, and form a bottom in early October 2026.

Brandt issued a warning based on Bitcoin's historical cycle patterns, pointing out that Bitcoin may experience a false breakout, with the current Bitcoin price fluctuating around $60,000, facing short-term downside risks. Brandt also emphasized his long-term optimism for Bitcoin, expecting the coin price to reach between $300,000 and $500,000 by 2029.