Peter Brandt Says Bitcoin Could Rise to $300,000-$600,000 by 2029

Veteran trader Peter Brandt said Bitcoin could climb as high as $600,000 by 2029.

TheStreet reported on Sept. 30 that Brandt said in a recent interview Bitcoin has likely already bottomed and entered a new bull-market cycle. He projected the cryptocurrency would reach $300,000 to $600,000 by the end of 2029.

Brandt also said a further short-term correction is possible. He said Bitcoin could fall to $65,000 to $66,000 by early October, adding that the cryptocurrency is not going to move straight up.

Brandt built his reputation in January 2018 after predicting that Bitcoin, then trading at about $11,000, would fall below $4,000. In December of that year, Bitcoin in fact dropped to about $3,800.

He also stressed that investors should be cautious about linking Bitcoin's price moves to specific catalysts such as the Clarity Act. "In most cases, narratives are at least partly wrong," Brandt said, adding that price itself should be the primary focus.