An October pullback could offer a buying opportunity before Bitcoin’s next cycle peak, which Brandt expects between $300,000 and $600,000. He’s not sold on “fool coin” XRP.
Veteran trader Peter Brandt called October 4 as the day Bitcoin’s bear market would end, but now he thinks the market beat him to it.
“There’s a good possibility we have seen the low and now are entering a new bull market cycle in Bitcoin,” Brandt tells Cointelegraph on the latest episode of Trade Secrets.
In July, Brandt warned that prices could fall into the high-$40,000 range. Bitcoin was trading near $64,000 when that interview was published and climbed to almost $85,000 by his latest appearance.
With the benefit of hindsight, Bitcoin’s fall to around $58,000 in late June may have already marked the cycle bottom.
But that doesn’t rule out a sharp drop first, says Brandt, who is on the lookout for a possible pullback toward $65,000 or $66,000 in early October.
“One thing that could happen, of course, is we just had too many people now chase the market,” he says. “They have bought the idea that the Bitcoin low is in and they have loaded up on the rally.”
A pullback could shake out those late buyers and give investors an opportunity to build their positions.
“We all know Bitcoin doesn’t go straight up.”
Related: Bitcoin’s ‘narrative vacuum,’ Ethereum now inevitable: Trade Secrets
Brandt has also raised his sights for Bitcoin’s next peak, putting a late-2029 high of between $300,000 and $600,000, up from the $250,000 to $300,000 range he outlined in July.
“The bull market cycle this time has a very good chance of reaching half a million,” he says.
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