Peter Brandt Raises Bitcoin Target to $600K by 2029

Veteran trader Peter Brandt has lifted his bitcoin price prediction for this cycle, now expecting a peak somewhere between $300,000 and $600,000 in late 2029.

Brandt raises his cycle target

The new range is a big step up from the $250,000 to $300,000 target he laid out in July.

Speaking on Cointelegraph’s Trade Secrets, Brandt said:

“The bull market cycle this time has a very good chance of reaching half a million.”

He doesn’t rule out a million-dollar bitcoin by 2030, but his trade doesn’t depend on it.

Brandt still hasn’t deployed all the money he has set aside for bitcoin, and he says he’d be content holding 70% of that allocation for 70% of the move toward the projected highs.

The bottom may already be in

Brandt had called Oct. 4 as the day bitcoin’s bear market would end, but he now thinks the market got there first.

Bitcoin fell to around $58,000 in late June and has since climbed to almost $85,000.

Reflecting on the rebound, he said:

“There’s a good possibility we have seen the low and now are entering a new bull market cycle in Bitcoin.”

Even so, he’s watching for a pullback toward $65,000 or $66,000 in early October that could shake out late buyers who piled into the rally.

As he put it: