Veteran trader Peter Brandt believes Bitcoin may have already hit its market low and is entering a new bull market cycle, according to an interview with Cointelegraph. Bitcoin's decline to around $58,000 in late June could mark the cycle bottom, though Brandt anticipates a possible pullback toward $65,000–$66,000 in early October.
Brandt has revised his price targets upward, now projecting Bitcoin could reach between $300,000 and $600,000 by late 2029, up from his July forecast of $250,000–$300,000. He stated there is "a very good chance" the bull market cycle reaches $500,000 during this period. A million-dollar Bitcoin by 2030 remains possible but is not essential to his investment thesis.
Brandt cautioned against overinterpreting market narratives tied to news events. He emphasized the importance of identifying tradable opportunities with manageable risk rather than fixating on short-term price targets like whether Bitcoin reaches $100,000 by year-end.
For investors with financial security, Brandt suggested a cryptocurrency allocation of up to 10%, with Bitcoin comprising the largest share. He recommended caution regarding altcoins, questioning the investment appeal of tokens like XRP. While acknowledging XRP's transactional use and Ripple's banking partnerships, Brandt argued that transactional functionality does not automatically drive investment value. He expressed more openness to Ether and Solana within a diversified crypto portfolio but warned against chasing newly launched tokens.
