Brandt Sees $600K Bitcoin Target, Warns Against Chasing 'Fool Coins'
Veteran trader Peter Brandt believes Bitcoin's bear market may have already ended. Speaking to Cointelegraph on the latest episode of Trade Secrets, he suggests that October 4 might not be the day the market bottoms out after all.
Earlier this year, Brandt had predicted a high of $40,000 for Bitcoin, but now he thinks it could reach new heights. He explains that prices may drop first before recovering, giving late buyers an opportunity to enter the market with manageable risk.
Brandt also raised his sights for Bitcoin's next peak, predicting a high of between $300,000 and $600,000 by 2029. This is up from his previous estimate of $250,000 to $300,000. He believes that Bitcoin has a good chance of reaching half a million dollars this cycle.
The trader also expressed skepticism about XRP's investment appeal. He says that just because something is transactional doesn't automatically make it more valuable.