Veteran trader Peter Brandt, who previously predicted that the Bitcoin bear market would bottom out on October 4th, has now issued a bullish prediction for $BTC.
In a recent interview, Peter Brandt predicted that Bitcoin could rise to $600,000 by 2029.
Bitcoin May Have Hit Bottom!
Brandt believes that Bitcoin’s drop to around $58,000 at the end of June may have constituted the bottom of the current cycle.
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Brandt, who previously predicted that the Bitcoin bear market might end around October 4th, believes that recent developments indicate a new bull cycle may have begun before that date.
However, Brandt does not rule out the possibility of another correction in the short term. He specifically mentioned that Bitcoin could fall to the $65,000-$66,000 level in early October.
“It’s highly likely that Bitcoin has hit bottom and entered a new bull market cycle.”
Expectations of a New Bull Cycle in Bitcoin!
Veteran trader Peter Brandt has also raised his expectations for Bitcoin’s next peak. Brandt stated that he has increased his prediction from the $250,000 to $300,000 range he mentioned in July to the $300,000 to $600,000 range.
In this context, Brandt predicts that Bitcoin could reach a peak between $300,000 and $600,000 towards the end of 2029. The analyst states that there is a very high probability that the current bull market cycle will reach the $500,000 level.
Finally, the analyst added that his long-term outlook for $BTC is based on the assumption that the timing and price movements of past market cycles will largely repeat themselves in the future.
*This is not investment advice.