Veteran trader Peter Brandt believes Bitcoin may already have formed its cycle low and entered a new bull market.
Brandt had previously identified October 4 as a possible turning point for Bitcoin’s bear market. However, he now thinks the market may have bottomed earlier than expected.
Speaking on Cointelegraph’s Trade Secrets, Brandt said there is a strong possibility that Bitcoin’s low is already in and that a new bullish cycle has begun.
Bitcoin Pullback Could Create a Buying Opportunity
In July, Brandt warned that Bitcoin could fall into the upper-$40,000 range.
At the time, Bitcoin was trading near $64,000. Since then, the cryptocurrency has climbed toward $85,000.
Looking back, Brandt believes Bitcoin’s decline to around $58,000 in late June may have marked the cycle bottom.
However, he does not rule out another sharp pullback.
Brandt said Bitcoin could potentially fall toward the $65,000 to $66,000 range in early October before continuing higher.
He believes such a move could shake out investors who entered the market late after chasing the recent rally.
Bitcoin Could Reach $300,000 to $600,000 by 2029
Brandt has also raised his long-term Bitcoin price target.
He now expects Bitcoin’s next major cycle peak to arrive in late 2029, potentially between $300,000 and $600,000.
That is significantly higher than his previous forecast of $250,000 to $300,000.
Brandt said Bitcoin has a realistic chance of reaching around $500,000 during the cycle.
He also believes a $1 million Bitcoin by 2030 is not impossible, although he does not consider that target necessary for his investment strategy to succeed.
Brandt Focuses on Risk Rather Than Exact Price Targets
Brandt said he has not invested all of the capital he has allocated for Bitcoin.
Instead, he would be satisfied with having around 70% of that allocation invested while capturing roughly 70% of the potential move toward the next major peak.
For Brandt, identifying attractive entry points with manageable risk is more important than predicting whether Bitcoin will reach a specific price by the end of the year.
His approach remains focused on trading opportunities rather than short-term headline targets.
Bitcoin Market Narratives Can Be Misleading
Brandt also warned against using news headlines to explain every Bitcoin price move.
He believes traders often create narratives after a move has already happened, even when those explanations may only tell part of the story.
Instead, Brandt prefers to focus on price action and the timing of previous Bitcoin market cycles.
His cycle model places the Bitcoin halving roughly halfway between the bear market bottom and the next major peak.
He also expects the strongest part of the rally to occur near the end of the cycle.
According to Brandt, the final three or four months could account for roughly 30% of the total advance.
Brandt Remains Skeptical of XRP
While Brandt remains bullish on Bitcoin, his outlook on XRP is far less positive.
He has criticized investors who assume that XRP’s usefulness for payments automatically makes it a strong long-term investment.
In Brandt’s view, transactional utility does not necessarily translate into higher asset prices.
He compared this idea with the US dollar, which is widely used for payments but is not typically purchased simply because of its transactional usefulness.
Ethereum and Solana Get a More Positive View
Brandt takes a more favorable view of Ethereum and Solana.
He believes both assets can have a role alongside Bitcoin in a broader cryptocurrency portfolio.
However, he remains cautious about newer tokens and warns investors against chasing every emerging crypto project simply because it appears to be the next major opportunity.
For financially secure investors, Brandt suggested that crypto could represent up to 10% of a portfolio, with Bitcoin taking the largest share.
His broader message remains focused on patience, discipline and managing risk over the long term.
