- Veteran trader Peter Brandt now believes Bitcoin’s bear market has already ended and a new bull cycle is underway.
- He warns of a possible pullback to $65,000–$66,000 in early October, which could shake out late buyers.
- Brandt raised his peak target for this cycle to $300,000–$600,000 by late 2029, with a good chance of hitting $500,000.
- He cautions against using news headlines to explain every price move, advising traders to let price action be the guide.
- Brandt dismisses XRP as an investment but favors Bitcoin, Ether, and Solana in a diversified crypto portfolio.
Veteran trader Peter Brandt tells Cointelegraph that Bitcoin’s bear market may have already ended, shifting his forecast from a October 4 bottom to a new bull cycle. “There’s a good possibility we have seen the low and now are entering a new bull market cycle in Bitcoin,” he said on the latest episode of Trade Secrets.
Brandt had previously warned prices could fall to the high-$40,000 range, but Bitcoin’s dip to roughly $58,000 in late June appears to have marked the cycle bottom. However, he remains cautious about a sharp pullback, noting that too many traders may have already piled in. “One thing that could happen, of course, is we just had too many people now chase the market,” he said, pointing to a possible drop toward $65,000 or $66,000 in early October.
Brandt also raised his Bitcoin peak target for this cycle to between $300,000 and $600,000 by late 2029, up from his previous $250,000–$300,000 range. “The bull market cycle this time has a very good chance of reaching half a million,” he said, though he would be content with $350,000.
He is wary of using headlines about the CLARITY Act or other events to explain every price move, instead relying on cycle timing and pace. “Markets do something, traders need to create a narrative. More often than not, the narrative is at least partially wrong,” he said, adding “Let price be king.”
Brandt dismissed XRP as an investment, arguing that transactional usefulness does not automatically translate to value. “Just because something is transactional, that doesn’t mean automatically that it must be more valuable,” he said, comparing it to the US dollar. He gave a warmer reception to Ether and Solana, suggesting a crypto allocation of up to 10% for financially secure investors, with Bitcoin taking the largest share. “I believe that trading is a marathon, not a sprint.”
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