Peter Brandt says Bitcoin may hit $600K by 2029, calls XRP a ‘fool coin’
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Veteran trader Peter Brandt believes Bitcoin's bear market likely ended on October 4, 2023, and that a new bull market cycle has begun. He raised his forecast for Bitcoin’s peak by late 2029 to between $300,000 and $600,000, up from his earlier estimate of $250,000 to $300,000. Brandt is skeptical about altcoins like XRP, calling it a "fool coin" despite Ripple’s banking partnerships. He prefers Bitcoin and gives a more positive view on Ether and Solana.
Why it matters
Brandt’s revised Bitcoin price target and timing suggest strong bullish sentiment for the next market cycle, influencing investor outlooks and trading strategies. His caution against chasing new altcoins may affect how investors approach diversification and risk within the crypto market. The source does not elaborate on broader market or policy impacts.
Key context
Brandt previously predicted Bitcoin prices could dip into the high $40,000s in July 2023, but Bitcoin instead rose from around $64,000 to nearly $85,000 by October. He notes Bitcoin historically does not move straight up and anticipates a possible near-term pullback. His price targets assume the continuation of Bitcoin’s past halving cycle patterns, placing the halving mid-way between the bear market low and the peak.
Key numbers and entities
Peter Brandt; Bitcoin (BTC); XRP; Ripple; Ether (ETH); Solana (SOL); Bitcoin’s bear market low around $58,000 in June 2023; Bitcoin nearly $85,000 in October 2023; Brandt’s Bitcoin late-2029 target $300,000–$600,000; prior target $250,000–$300,000; Brandt’s suggested crypto portfolio allocation up to 10%, with Bitcoin having the largest share.
What remains unclear
The source does not specify the precise methodology behind Brandt’s updated price targets or how external factors like regulation or macroeconomics might affect them. No details are provided on the timing or magnitude of the potential pullback Brandt expects soon. It is unclear why Brandt holds a negative view of XRP’s investment prospects despite its transactional use and banking ties.