Brandt Boosts BTC Price Target to $600K by 2029, Sees New Bull Cycle

Renowned financial analyst Peter Brandt has updated his Bitcoin (BTC) price prediction. The veteran trader initially predicted that the BTC bear market would bottom out on October 4th, but now believes it may have already happened at around $58,000 in late June.

Brandt expects another short-term correction before a new bull cycle begins, with a possible drop to $65,000-$66,000 in early October. However, he asserts that this is likely the bottom, and a new bull market cycle has started.

The analyst has increased his BTC price target from the previous range of $250,000 to $300,000 to $300,000 to $600,000 by 2029. He suggests there's a high probability the current bull cycle will reach at least $500,000 and possibly as high as $600,000 towards the end of 2029.

Brandt bases his long-term outlook on the assumption that future market cycles will largely repeat past patterns.