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Peter Brandt: Raises expectations for the top of Bitcoin’s next cycle to 300000 to 600000 USD BlockBeats reports that September 30, the renowned trader and chart analyst who successfully predicted Bitcoin’s crash in 2018 years, Peter Brandt, said, “We have very likely already seen the cycle low, and are now entering a new Bitcoin bull market cycle.”
However, Brandt said this does not mean the market will not first experience a sharp decline. He is watching for the possibility of a pullback to October in early 65000 to 66000 USD around. Brandt said, “Of course, one possibility is that too many people are chasing the rally now. They already believe the Bitcoin low is in and are adding to their positions in this upward move.” He believes a pullback could flush out these late entrants chasing the rally, while also providing investors with an opportunity to build positions.
Brandt also raised his expectations for the top of Bitcoin’s next cycle, moving the target range for the end of 2029 from this year’s July forecast of 250000 to 300000 USD, up to 300000 to 600000 USD. He said, “This bull market cycle is very likely to reach 500000 USD.” In Brandt’s view, it is not impossible for Bitcoin to reach 2030 by 1000000 USD, but even if this target is not achieved, it will not affect his trading logic. Brandt said he has not yet invested all the capital he plans to allocate to Bitcoin. If Bitcoin reaches its expected peak by 2029, he believes that as long as 70%of the capital is allocated to the market and captures 70%of this rally, that would be enough.
Original link https://m.theblockbeats.info/flash/369625