Peter Brandt sees BTC at $600K by 2029

Veteran trader Peter Brandt said Bitcoin may have already passed its cycle low and entered a new uptrend. Brandt said he had initially expected the bear market to end around Oct. 4, but Bitcoin’s roughly $58,000 level in June may have marked the bottom for this cycle. In the short term, Brandt said BTC could retrace to $65,000-$66,000 in early October. As market participants rapidly expanded long positions during the recent rebound on expectations of a bottom, the market could go through a pullback that clears out excessive leverage, he said. Brandt raised his next cycle peak target to $300,000-$600,000 from his previous $250,000-$300,000 range. He said the cycle could peak in late 2029 and that Bitcoin could still reach $500,000 in the current bull market, based on the view that a new bull cycle has begun and that past BTC cycle patterns are broadly repeating.