Crypto analyst Bren expects Bitcoin to return to its $56,000 bear-market low before starting a stronger recovery, according to a post on X on November 4 and an accompanying video. Despite his short-term caution, the trader believes 2027 could bring a new all-time high for Bitcoin, potentially after bullish first and second quarters.
Short-Term Bearish Outlook
Bren explained that his immediate market outlook is bearish, citing Bitcoin's inability to sustain its recovery after hitting the $78,000 level and a wedge/channel formation on the Ethereum chart that makes him reluctant to increase exposure to riskier assets. In the video, he described the current correction as being in its last stages, which would put Bitcoin's likely bear market bottom at $56,000. According to him, the price structure developing since September is very likely to produce a higher low than another extended downturn.
2027 All-Time High Forecast
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. "I think sometime in 2027 Bitcoin will make a new all-time high," he said in the video. According to him, if the primary crypto moves back above the $80,000 to $81,000 level, it could make many market participants more risk-on and lead to them taking bigger altcoin positions, although he expects buying to stay low until then.
Midterm Elections and Market Backdrop
Bren's outlook came against a rapidly changing political backdrop. "Elections are always tough. Upsets are common," the analyst wrote on X. "And the consensus result often produces an outcome that makes us go, 'WTF?'" Democrats have reclaimed 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.
As CryptoPotato reported before, midterms in the past have produced mixed implications for crypto investors, with Bitcoin falling more than 45% within 71 days of the 2014 polls and nearly 50% in 39 days after 2018's. 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.
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's 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.
