An outlook has emerged that bitcoin may have already passed the low of the current cycle.

On Sept. 29 (local time), blockchain media outlet Cointelegraph reported that veteran trader Peter Brandt (피터 브랜트) forecast bitcoin’s peak by the end of 2029 could form in a $300,000 to $600,000 range.

Brandt had previously pointed to Oct. 4 as the point when bitcoin’s bear market would end, but now believes the market moved earlier than that. He said the area around $58,000 in late June, when prices fell to that level, may have been this cycle’s low.

He said the possibility of a correction before further gains still remains. Brandt saw bitcoin possibly being pushed back to around $65,000 to $66,000 in early October. He judged that a short-term drop could be a process of shaking out late-arriving buyers who piled in amid expectations that a recent low had been confirmed.

He raised his long-term outlook. Brandt presented $300,000 to $600,000 as a target range for the end of 2029, higher than the $250,000 to $300,000 he suggested in July, and said there was enough possibility this bull-market cycle could reach $500,000. Even so, he drew a line, saying there is no need to invest on the premise that bitcoin will reach $1 million in 2030.

He also urged caution in how markets are interpreted. Brandt distanced himself from approaches that link specific legislation or individual events to the cause of all price fluctuations. "The market moves first, and traders create a narrative afterward," he said. "That narrative is often wrong."

Brandt went on to stress that finding the next entry zone is more important than whether bitcoin breaks above $100,000 by year-end. He meant that the key is a price level where investors can re-enter within tolerable risk, rather than a short-term target.

He maintained his skeptical stance on altcoins. Targeting XRP in particular, he assessed that the investment logic is exaggerated. Brandt said XRP’s payment utility or Ripple’s partnerships with banks do not immediately translate into investment returns. He argued that while the U.S. dollar functions as a means of payment, it is not an asset people buy expecting its value to rise solely because of its transactional utility.

By contrast, he took a relatively favorable view of ethereum and solana. Brandt said there is room for ethereum and solana to be included alongside bitcoin in a crypto portfolio.

From an asset-allocation perspective, he suggested that financially stable investors could set their crypto weighting as high as 10 percent. In that case, he said bitcoin should account for the largest share.

Brandt’s outlook focuses on the need to prepare for short-term volatility while assuming bitcoin markets could continue a long-term upward trend. In particular, his view is that investors should watch price moves themselves rather than simply connecting market direction to specific favorable factors or events, and should judge whether to enter by weighing expected returns against risks at each correction. Even if long-term targets rise, he repeatedly stressed that entry prices and portfolio management matter more than chasing rallies.