Peter Brandt Predicts Bitcoin Could Reach $600,000 by 2029, Dismisses XRP

Brandt sees new Bitcoin cycle starting

Veteran trader Peter Brandt believes the lowest point for Bitcoin has passed and a new bull market is beginning. Speaking on Cointelegraph's "Trade Secrets" podcast, he noted that the market may have already bottomed out earlier than his previous October prediction.

Brandt previously warned of a potential drop to the high-$40,000 range in July. However, Bitcoin traded near $64,000 at that time and rose to nearly $85,000 by his latest interview. He suggests the drop to around $58,000 in late June might have been the actual cycle low.

Projected price targets for 2029

Brandt has updated his price forecast for the current cycle. He now expects Bitcoin to reach a high between $300,000 and $600,000 by late 2029. This is an increase from his July estimate of $250,000 to $300,000.

• The trader states there is a "good chance" the cycle will reach half a million dollars.
• He considers a $1 million Bitcoin by 2030 possible but not necessary for a successful trade.
• Brandt notes he would be satisfied if Bitcoin reaches $350,000 by late 2029.

Possible short-term pullback expected

Despite the bullish outlook, Brandt warns of a potential price drop in early October. He suspects many investors rushed to buy after believing the market low was in, which could lead to a correction.

A pullback toward $65,000 or $66,000 could shake out these late buyers. Brandt views such a dip as a potential opportunity for investors to enter positions at a better price, noting that Bitcoin prices rarely rise in a straight line.

Skepticism regarding XRP

Brandt expressed strong criticism of XRP, referring to it as a "fool coin." He argues that utility in payments does not guarantee investment value. Comparing XRP to the US dollar, he pointed out that while the dollar is useful for transactions, people do not buy it solely expecting its value to rise based on that utility.

In contrast, he views Ether and Solana more favorably, suggesting they have room to exist alongside Bitcoin in a diversified portfolio. He advises against chasing new tokens or "fast horses" in the market.

Investment strategy and risk management

Brandt emphasizes that markets often move before traders create a narrative to explain the price action. He prefers to let "price be king" rather than relying on headlines about legislation like the CLARITY Act.

For financially secure investors, he recommends allocating up to 10% of their portfolio to crypto, with Bitcoin making up the largest portion. He stresses that trading is a long-term process, stating, "I believe that trading is a marathon, not a sprint."

What remains uncertain

While Brandt outlines a specific timeline and price range, he acknowledges that market cycles are not guaranteed. His model relies on historical patterns holding true, and he admits that identifying the exact next buying spot with managed risk is more critical than predicting specific year-end prices.

Source

• Cointelegraph

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