Peter Brandt Says Bitcoin Could Reach as High as $600,000 by 2029, Calls October Pullback a Buying Opportunity

Veteran trader Peter Brandt said Bitcoin may already have entered a new bull-market cycle and could rise to $300,000 to $600,000 by 2029.

Cointelegraph reported on September 29 that Brandt said in a recent interview that Bitcoin has likely already bottomed and is now moving into a new bullish cycle.

He said Bitcoin’s drop to about $58,000 in late June may have marked the bottom of the current cycle. In the near term, however, he left open the possibility of a pullback to $65,000 to $66,000 in early October.

Brandt said many investors had chased the recent rally too late. Bitcoin does not move in a straight line, he said, adding that any correction could provide an opportunity to establish new positions.

He also lifted his long-term target. Brandt said Bitcoin’s next cycle peak could form in the $300,000 to $600,000 range by the end of 2029 and that this bull market could plausibly reach $500,000.

He placed little significance on whether Bitcoin breaks above $100,000 by year-end. More important, he said, is whether investors can identify the next buying zone within a level of risk they can afford.

Brandt took a selective view on altcoins. He was negative on XRP, saying its use as a payment method does not necessarily increase its investment appeal. By contrast, he said Ethereum and Solana could deserve a place in portfolios alongside Bitcoin.