New scenario from Peter Brandt, known for his Bitcoin predictions

Experienced investor Peter Brandt, known for his predictions regarding Bitcoin's sharp price movements in the past, has shared his new expectations for the world's largest cryptocurrency. While Brandt pointed to the possibility of a downward movement in the short term, he stated that much higher levels are possible in the long term.

In January 2018, when Bitcoin was trading at around $11,000, Brandt had predicted that the price could fall below $4,000. Bitcoin experienced a severe bear market that year, dropping to around $3,800 in December.

EXPECTATION OF A SHORT-TERM PULLBACK

In his latest assessment, Brandt stated that Bitcoin may have hit its bottom and entered a new bull market cycle; however, he noted that the price could come under pressure again first. At a time when Bitcoin was trading slightly above $83,000, Brandt predicted that a pullback toward the $65,000-$66,000 range could occur in early October.

Despite this short-term downside possibility, Brandt's long-term scenario remains strong. The investor, who had targeted the $250,000-$300,000 band for Bitcoin in July, raised his expectations in his latest assessment, pointing to a range of $300,000 to $600,000 toward the end of 2029.

According to Brandt, the probability of Bitcoin reaching the $500,000 level in the current bull market cycle is quite high. Although the experienced investor stated that the $1 million level is not impossible by 2030, he emphasizes that he does not base his strategy on this scenario coming to fruition.

Stating that he has not yet used all the capital he allocated for Bitcoin, Brandt said that he has deployed approximately 70 percent of these funds into the market so far. Brandt is of the opinion that trying to explain Bitcoin price movements through individual news items or regulations can be misleading; in his own approach, he monitors price action as the primary indicator.

News Source: 12punto