Peter Brandt: Raises Bitcoin's next cycle top forecast to $300,000 to $600,000

BlockBeats news, September 30 - Peter Brandt, a renowned trader and chart analyst who successfully predicted the 2018 Bitcoin crash, stated, "We have very likely already seen the cycle low and are now entering a new bull cycle for Bitcoin."

However, Brandt noted that this does not mean the market will not experience a sharp decline first. He is watching for a potential pullback to around $65,000 to $66,000 in early October. Brandt said, "Of course, there is a possibility that too many people are chasing the rally now. They have already believed that the Bitcoin low has appeared and are adding to their positions in this upward trend." He believes that a pullback could wash out these latecomers who chased the rally, while also providing opportunities for investors to establish positions.

Brandt also raised his forecast for the top of Bitcoin's next cycle, upgrading the target range for late 2029 from $250,000 to $300,000 proposed in July this year to $300,000 to $600,000. He stated, "It is very likely that this bull cycle will reach $500,000." In Brandt's view, it is not impossible for Bitcoin to reach $1 million by 2030, but even if this target is not achieved, it will not affect his trading logic. Brandt said he has not yet deployed all the funds he plans to allocate to Bitcoin into the market. If Bitcoin reaches the expected high by 2029, he believes that having 70% of funds allocated to the market and capturing 70% of the gains in this rally would be sufficient.