Brandt Sees New Bull-Run for Bitcoin

Veteran trader Peter Brandt says Bitcoin has likely already entered a new bull-market cycle. In an interview, he stated that Bitcoin's drop to about $58,000 in late June may have marked the bottom of the current cycle.

Brandt also lifted his long-term target, predicting that Bitcoin's next cycle peak could form in the $300,000 to $600,000 range by 2029. He believes this bull market could plausibly reach $500,000.

In terms of short-term predictions, Brandt left open the possibility of a pullback to $65,000 to $66,000 in early October, but views it as an opportunity to establish new positions. He emphasizes that Bitcoin does not move in a straight line and encourages investors to identify the next buying zone within a level of risk they can afford.