Veteran Trader Peter Brandt Sees Bitcoin Dipping At The High-$40,000 Mark

• Veteran trader Peter Brandt said that Bitcoin could fall at the high-$40,000 range during the ongoing bearish cycle, with his target set by October 4.
• On the other hand, he boldly predicted that BTC could reach $250,000 to $300,000 per coin late this decade and over $1 million by the early 2030s.

Mark your calendars. Peter Brandt, a veteran commodity and foreign exchange trader, has set the date of Bitcoin’s (BTC) bottom.

Bitcoin Eyes High-$40,000 Correction

In an interview on Cointelegraph’s Trade Secrets, Brandt warned that the crypto bear market is not over. It runs contrary to Bitmine Chairman Tom Lee’s repeated assurances that the sector has already transitioned to the early stage of a crypto spring.

Brandt boldly stated that there are still signs indicating Bitcoin’s dive below the $50,000 territory. He predicted the numbers would hit the high-$40,000 range before eventually rebounding as investors capitalize on the dip. The veteran trader expects the trend to play out by October 4 this year.

ADVERTISEMENTBrandt explained that his analysis is grounded in the 80% correction Bitcoin typically experiences at the lowest dip of its bear market. He used BTC’s all-time high at around $125,000 to establish his forecast.

BTC’s Road to $1 Million

Despite the trader’s bleak outlook in the coming months, he believes that those with unwavering commitment to Bitcoin will reap the rewards. Hence, he encouraged people to look past the asset’s short-term noise and focus instead on its long-term fundamentals.

Brandt projected that Bitcoin could reach $250,000 to $300,000 per coin in the long run, with his target set by 2029. What’s more, he estimated that BTC could even touch the $1 million mark by the early 2030s, possibly between 2031 and 2032.

ADVERTISEMENTBrand’s biggest caveat in his very bullish prognosis, though, is the unforeseen capabilities of quantum computing. He said that while the technology is unlikely to hack into Bitcoin’s protocol, it will likely introduce new elements that will deter its path toward the highly anticipated million-dollar top or even threaten its ecosystem.

Meanwhile, the trader thinks that the safest bet, given the current circumstances, is a balanced portfolio in Bitcoin, gold, and silver.

On Strategy’s Bitcoin Playbook

Brandt didn’t dismiss the possibility of Strategy (formerly MicroStrategy) and Michael Saylor facing forced liquidation from their huge Bitcoin bet. To date, the company remains the largest corporate holder of Bitcoin, with a balance of 843,775 BTC. It even surpassed the Bitcoin managed in BlackRock’s iShares Bitcoin Trust, which currently stands at 811,291 BTC.

Nonetheless, Brandt has high hopes that Strategy and Saylor will be able to navigate the ongoing market headwinds in Bitcoin and the overall crypto market.

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