Veteran trader Peter Brandt (피터 브란트) pointed to Oct. 4 local time as the bottom of the current Bitcoin cycle.

Cointelegraph reported that Brandt acknowledged the current price range could be the low, but also left open the chance that Bitcoin could slide once more below $50,000 before forming a cycle bottom. He said it is hard to predict a market bottom by a specific date, but he has held this outlook for a considerable period.

He offered a conservative price outlook. Brandt said Bitcoin could form a bottom at current levels, but if an additional sharp drop occurs it could fall below $50,000 and slip into the high $40,000s. He also noted that major bear markets in Bitcoin history have seen corrections of more than 80 percent from peaks.

Some in the market see around $60,000 as the bottom of this cycle, but Brandt judged expectations for a price rebound as still excessive. He also forecast that investors claiming the current bottom could ultimately give up on Bitcoin and move into other assets.

He drew a line against an analysis that Bitcoin and the crypto market have been relatively weak as recent market funds have piled into artificial intelligence-related stocks. Brandt said a strategy of investing all funds into AI stocks at this point would "not deliver satisfactory returns in 2 to 3 years."

He also laid out his own choice on allocating funds. He said if he had $10,000 now, he would invest half in Bitcoin and the other half in precious metals. He added that "precious metals are closer to the bottom in price terms, and Bitcoin is closer to the bottom in time terms."

He also provided a medium- to long-term peak outlook. Brandt said he expects Bitcoin to form a cycle high in 2029, with a price range of $250,000 to $300,000. If that forecast holds, Bitcoin would need a larger rise over the following year to reach $1 million by 2030.

The remarks show a view that the market should examine not only near-term price levels but also the timing of a bottom and investor sentiment, as debate over a Bitcoin bottom continues. Brandt maintained that rather than judging the current price as an immediate bottom, a full cycle bottom could be confirmed only after market optimism has weakened sufficiently.