Key Points:
- Veteran trader Peter Brandt said Bitcoin may have already completed its cycle low and could enter a new bull-market phase, although he expects a possible pullback toward $65,000–$66,000 in early October.
- Brandt raised his projected late-2029 Bitcoin peak to a range of $300,000 to $600,000, compared with his previous $250,000–$300,000 estimate.
- Brandt remains skeptical of XRP’s investment thesis and argues that transactional utility alone does not necessarily translate into higher asset value.
Brandt Says Bitcoin May Have Entered a New Cycle
Veteran trader Peter Brandt believes Bitcoin may have already established its cycle bottom, despite previously expecting the market to reach a final low in October.
In a recent interview, Brandt said there is a “good possibility” that Bitcoin’s low is already in and that the cryptocurrency has entered a new bull-market cycle.
Brandt had previously warned that Bitcoin could fall into the high-$40,000 range. Bitcoin was trading near $64,000 when those comments were published and subsequently climbed toward $85,000.
The cryptocurrency had fallen to roughly $58,000 in late June, a move that Brandt now considers a possible cycle low in hindsight.
However, he has not ruled out another significant decline before the market resumes a sustained advance.
October Pullback Could Test Late Buyers
Brandt is watching for a potential pullback toward $65,000 or $66,000 in early October.
He argued that the recent rally could have encouraged investors to enter the market after concluding that the cycle low had already occurred. A decline could therefore pressure those newer positions and potentially create another entry point.
Brandt emphasized that Bitcoin historically does not move upward in a straight line, making corrections an expected part of longer-term market cycles.
His approach focuses less on assigning narratives to individual market moves and more on identifying potential trading opportunities where risk can be measured.
Bitcoin Target Raised to $600,000
Brandt has also increased his projection for Bitcoin’s next major cycle peak.
He now expects a late-2029 high somewhere between $300,000 and $600,000, compared with his previous forecast of $250,000 to $300,000.
Brandt said the current cycle has a strong possibility of reaching $500,000, while acknowledging that a $1 million Bitcoin by 2030 is not impossible.
His forecast is based partly on historical Bitcoin cycle patterns, including the timing relationship between market lows, Bitcoin halvings and subsequent cycle peaks.
Brandt expects price appreciation to accelerate toward the later stages of the cycle, with the final three or four months potentially accounting for roughly 30% of the total advance.
The projection remains dependent on the assumption that a new bull market is already underway and that historical cycle behavior continues to provide a useful framework.
Brandt Warns Against Overexplaining Price Moves
Brandt also cautioned against relying too heavily on headlines to explain short-term Bitcoin price movements.
He argued that traders often create narratives after markets move, attempting to connect price changes to events such as legislation or macroeconomic developments.
In his view, those explanations can be incomplete or incorrect, making price action itself more important when evaluating market conditions.
Rather than focusing on whether Bitcoin reaches a specific psychological level before the end of the year, Brandt said investors should concentrate on identifying tradable opportunities where risk can be assessed.
XRP Faces Brandt’s Skepticism
Brandt remains considerably less enthusiastic about XRP and questioned the argument that transactional utility necessarily creates investment value.
He pointed to the distinction between an asset being useful for payments and an asset being attractive as an investment. The fact that an asset facilitates transactions does not automatically mean demand for that function will translate into higher value for holders.
Brandt also expressed skepticism toward newer cryptocurrency projects and cautioned investors against continuously chasing emerging tokens based on expectations that they will outperform established assets.
He has indicated that Ether and Solana can have a place alongside Bitcoin in a diversified crypto allocation, while remaining more cautious about speculative newer tokens.
Bitcoin Remains Central to Brandt’s Allocation View
For financially secure investors, Brandt has suggested allocating up to 10% of a portfolio to cryptocurrencies, with Bitcoin representing the largest portion.
His broader investment philosophy emphasizes patience and risk management rather than attempting to capture every short-term market move.
Brandt described trading as a marathon rather than a sprint, reinforcing his preference for measured entries and longer-term market-cycle analysis.
Outlook
Brandt’s latest outlook combines a potentially bullish long-term Bitcoin target with expectations for substantial volatility along the way. His $300,000–$600,000 late-2029 range depends on a new bull-market cycle remaining intact and historical patterns continuing to provide a useful guide. Meanwhile, his comments on XRP highlight his distinction between transactional utility and investment value, while his broader approach emphasizes measured risk over short-term narratives.
Comparison, examination, and analysis between investment houses
Leave your details, and an expert from our team will get back to you as soon as possible
