Veteran trader Peter Brandt predicted that Bitcoin may have already passed its cycle low and entered a new upward phase. He explained, “Although I initially expected the bear market to end around October 4, the approximately $58,000 recorded last June could have been the bottom of this cycle. However, in the short term, BTC could see a retracement to $65,000-$66,000 in early October. As market participants rapidly expanded long positions in anticipation of a bottom formation during the recent rebound, excessive leverage could be resolved through a correction. The next cycle's peak forecast has been raised from the previous $250,000-$300,000 to $300,000-$600,000. The peak is expected by the end of 2029, and there is a high possibility of reaching $500,000 in this bull market. This forecast is based on the assumption that a new bull market has begun and that past BTC cycle patterns are largely being replicated.”
