Veteran Trader Peter Brandt Revises Bitcoin Outlook, Suggests Bull Market May Have Already Begun

Veteran trader Peter Brandt, who had previously pinpointed October 4 as a potential end date for Bitcoin’s bear market, now believes the cryptocurrency may have already bottomed out and is entering a new bull cycle. In a recent interview, Brandt shared his revised perspective, suggesting that the market may have moved ahead of his initial predictions.

"There’s a good possibility we have seen the low and now are entering a new bull market cycle in Bitcoin," Brandt stated in the latest episode of Cointelegraph’s Trade Secrets. This sentiment marks a shift from his earlier warnings. In July, when Bitcoin was trading near $64,000, Brandt had cautioned that prices could potentially fall into the high $40,000 range. By the time of his latest appearance, Bitcoin had already climbed significantly, reaching close to $85,000.

With the benefit of hindsight, Brandt suggests that Bitcoin’s dip to around $58,000 in late June might have already represented the cycle’s bottom. However, he does not entirely rule out the possibility of a sharp, albeit temporary, downturn before a sustained upward trend. Brandt indicated he is monitoring for a potential pullback, possibly toward the $65,000 or $66,000 levels in early October.

"One thing that could happen, of course, is we just had too many people now chase the market," he explained. "They have bought the idea that the Bitcoin low is in and they have loaded up on the rally." Such a pullback, he suggests, could serve to shake out late buyers and provide other investors with an opportunity to establish or increase their positions. He also noted that Bitcoin’s price movements are rarely linear, stating, "We all know Bitcoin doesn’t go straight up."

Brandt has also significantly raised his price targets for Bitcoin’s next peak. He now anticipates a late-2029 high to range between $300,000 and $600,000, an upward revision from his previous July forecast of $250,000 to $300,000. "The bull market cycle this time has a very good chance of reaching half a million," he projected.

While acknowledging that a $1 million Bitcoin by 2030 is not outside the realm of possibility, Brandt emphasized that such an extreme outcome is not necessary for his investment strategy to be successful. He revealed that he has not yet fully allocated the capital he has earmarked for Bitcoin. He would be satisfied with achieving 70% of his target allocation and capturing 70% of the move towards the projected 2029 highs. "If Bitcoin’s $350,000 in late 2029, I’m not gonna be a million-dollar bull," he stated, indicating a pragmatic approach to his investment goals.

Brandt also expressed caution regarding the tendency to attribute Bitcoin’s price movements to specific news events or legislative developments, such as the CLARITY Act. He stressed the importance of prioritizing price action over speculative narratives. "Markets do something, traders need to create a narrative. More often than not, the narrative is at least partially wrong," he asserted, advocating for a "Let price be king" philosophy.

His market analysis model places the Bitcoin halving event approximately midway between the bear market low and the subsequent peak. Brandt anticipates that gains will accelerate towards the end of the cycle, with the final three to four months potentially accounting for around 30% of the total increase. His current forecast hinges on the assumption that a new bull market is indeed underway and that Bitcoin’s historical cycle patterns will continue to hold broadly true. For now, Brandt prioritizes identifying the next trading opportunity with manageable risk over short-term price predictions, such as whether Bitcoin will reach $100,000 by year-end. "It’s unimportant," he said when asked about the near-term target. "I think more important is can we identify the next tradable spot where one can have somewhat of a measured risk?"

In his discussion, Brandt also shared his skepticism regarding the investment appeal of many altcoins, particularly XRP. He questioned the logic of investors pouring money into what he termed "some fool coin" like XRP, suggesting that its transactional utility and Ripple’s banking partnerships do not automatically translate into a winning investment. "Just because something is transactional, that doesn’t mean automatically that it must be more valuable," he argued, drawing a parallel with the U.S. dollar. He explained that while the dollar serves transactional purposes, people do not typically invest in it solely based on the expectation that its utility will drive up its value.

In contrast, Ether and Solana received a more favorable reception from Brandt, with potential room for both alongside Bitcoin in a diversified crypto portfolio. He advised against chasing the latest emerging tokens, warning investors not to "be conned into the latest fast horse in the game." For financially secure investors, Brandt suggested an allocation of up to 10% to cryptocurrencies, with Bitcoin forming the largest portion of that allocation. He concluded by emphasizing his view that "trading is a marathon, not a sprint."