Veteran trader Peter Brandt said Bitcoin has likely already put in its low for the current market cycle and entered a new bull phase. He raised his cycle-top forecast from an earlier range of $250,000 to $300,000 to a new target of $300,000 to $600,000 by the end of 2029, adding that a move to $500,000 is "very possible." At the same time, Brandt warned that Bitcoin could pull back to $65,000-$66,000 in early October in what he described as a move to flush out momentum buyers who chased the rally. Brandt also expressed skepticism about XRP as an investment, calling it a "fool coin." He said XRP’s payment use case and Ripple’s banking partnerships do not necessarily mean the token’s value will rise. The remarks were cited by Cointelegraph and carried by Odaily.
Veteran trader Peter Brandt said Bitcoin has likely already moved off the low of the current cycle and entered a new bull market phase.
Brandt raised his cycle-top forecast from his previous $250,000-$300,000 range to $300,000-$600,000 by the end of 2029. He also said a move to $500,000 is "very possible."
He also warned that Bitcoin could fall back to $65,000-$66,000 in early October to flush out traders who chased the move higher.
Beyond Bitcoin, Brandt questioned XRP’s investment value and called it a "fool coin." He said XRP having payment utility and Ripple having bank partners does not necessarily mean its price will increase.
The remarks were reported by Cointelegraph.
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