Veteran trader Peter Brandt said Bitcoin has likely already put in its low for the current cycle and entered a new bull-market phase. He raised his cycle-top target from an earlier $250,000-$300,000 range to $300,000-$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 to flush out late buyers chasing the rally. He also reiterated his skepticism toward XRP as an investment, calling it a "fool coin" and arguing that payment utility and Ripple's banking partnerships do not automatically translate into price appreciation.
According to ChainCatcher, veteran trader Peter Brandt said Bitcoin has likely already made its low for the current cycle and moved into a new bull-market cycle.
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 added a near-term warning as well, saying Bitcoin could retreat to $65,000-$66,000 in early October to flush out funds chasing higher prices.
Brandt also expressed doubt about XRP's investment value, calling it a "fool coin." He said XRP's payment use case and Ripple's banking partners do not mean its value will necessarily rise.
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