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BTC Senior trader Peter Brandt: Bitcoin may have hit bottom and is expected to hit US$600,000 in 2029.
Senior trader Peter Brandt, who previously predicted that the Bitcoin bear market would bottom out on October 4, recently released a new view on bullish on Bitcoin. In a recent interview, Brant predicted that Bitcoin could rise to $600,000 by 2029.
Bitcoin may have hit bottom
Brant believes that Bitcoin's fall to a level of about US$58,000 at the end of June may constitute the bottom of the current cycle. The trader, who had previously predicted that the Bitcoin bear market could end around October 4, said recent market dynamics suggested that a new bull cycle could have begun before that date.
However, Brant did not rule out the possibility of another correction in the short term. He specifically noted that Bitcoin could fall back into the $65,000 to $66,000 range in early October. "It's very likely that Bitcoin has hit bottom and entered a new bull cycle."
Expectations for Bitcoin's next bull market high are raised
Senior trader Peter Brandt also raised his expectations for Bitcoin's next peak. Brandt said he would raise the target range of $250,000 to $300,000 previously mentioned in July to a range of $300,000 to $600,000. In this context, Brant predicts that Bitcoin is expected to reach a high between $300,000 and $600,000 by the end of 2029. The analyst pointed out that the probability of the current bull market cycle hitting the $500,000 level is very high.
Finally, the analyst added that his long-term outlook for Bitcoin is based on the assumption that the timing and price movements of past market cycles will largely repeat themselves in the future.
The above content does not constitute investment advice.
