- Peter Brandt believes that Bitcoin has likely reached its lowest point and is now in a new bull market phase.
- He predicts that the Bitcoin price could rise to anywhere between $300,000 and $600,000 by the close of 2029.
- Brandt also mentioned a potential dip for Bitcoin, forecasting it could fall to around $65,000 to $66,000 by early October, highlighting that the price movement should be the prime focus.
Forecast Trend Report by Period
Experienced trader Peter Brandt stated that Bitcoin could potentially soar to $600,000 by 2029.
According to TheStreet’s report from September 30, Brandt, in a recent discussion, expressed that Bitcoin has likely hit its bottom and commenced a new bull-market cycle, projecting it to reach between $300,000 and $600,000 by the end of 2029.
He also mentioned that there might be another short-term decline, indicating that Bitcoin could drop to around $65,000 to $66,000 by early October, emphasizing that the cryptocurrency’s trajectory won’t be a straight line upwards.
Brandt gained prominence in January 2018 for accurately predicting Bitcoin’s decline, forecasting it to drop below $4,000 when it was trading around $11,000. By December 2018, Bitcoin indeed fell to approximately $3,800.
He urged investors to be wary of connecting Bitcoin’s price shifts to specific events, like the Clarity Act, suggesting that “in many cases, narratives are at least partly misguided.” Brandt reaffirmed that the primary focus should remain on the price itself.