It could be more than a year before Bitcoin regains its all-time high of $126,100, recorded in October last year, according to veteran trader Peter Brandt.

“I do not see a new price high in 2026,” Brandt told Cointelegraph. “Not until maybe the second quarter of 2027,” he said, though he also acknowledged that “this is all guesswork.”

Pundits on the crypto prediction platform Polymarket are similarly pessimistic, giving just a 15% chance that Bitcoin will reclaim $120,000 in 2026.

Analysts have been divided over how Bitcoin will perform in 2026. The four-year cycle theory suggests that Bitcoin is due for a weaker year, though some argue that rising institutional demand has broken the pattern, meaning Bitcoin could see an up year.

Brandt said his Bitcoin thesis hasn’t changed

However, Bitcoin is trading at $66,329 at the time of publication, down 3.46% over the past seven days, according to CoinMarketCap. It is down about 47% from the $126,100 all-time high.

Bitcoin reached a yearly low of $60,000 on Feb. 6, but Brandt said that may not be the lowest level for 2026, forecasting that Bitcoin could retest or even move “slightly lower” than the price level in September or October this year.

“That would then be the bear cycle low, and a new bull cycle would begin,” Brandt said.

Despite a cautious outlook for the year, Brandt said his broader thesis on Bitcoin hasn’t changed. “The $BTCstory is a store of wealth. Whether the utility gets built on top of $BTCcould impact price,” he said, adding that he is neutral or bearish on all other cryptocurrencies.

Bitcoin analyst Willy Woo said in an X post on March 17 that, from a liquidity perspective, Bitcoin is about one-third of the way “through the bear market.”

Anthony Scaramucci, managing partner of the SkyBridge investment firm also said last week that Bitcoin is in the bear portion of the four-year market cycle.

“We're in a four-year cycle, and there were some traditional whales, some OG's, that believe in the four-year cycle, and guess what happens in life when you believe in something? You create a self-fulfilling prophecy.”

It comes as spot Bitcoin ETFs ended a four-week inflow streak, posting $296.18 million in net outflows for the week ending Friday.

Meanwhile, sentiment indicators signal that investors are cautious about the crypto market amid ongoing geopolitical tensions.

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, has been hovering in “extreme fear” since March 20, posting a score of 8 on Monday.

Not everyone is bearish on the year ahead.

In January, Fundstrat head of research Tom Lee said he still expects Bitcoin to set a new all-time high this year after warning investors to brace for a “painful decline” across the crypto and stock markets.

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