Citi’s $113K Bitcoin target accompanies Brandt’s longer-term $600K scenario—but the trader warns of a possible October drop.
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Key Takeaways
Citi raised its 12-month Bitcoin target to $113,000 from $82,000, an increase of around 38%.
Peter Brandt sees a potential late-2029 peak between $300,000 and $600,000.
However, the veteran trader warned of a possible early-October pullback toward $65,000–$66,000.
Citi has raised its Bitcoin forecast by nearly 38%, while veteran trader Peter Brandt sees a possible cycle peak as high as $600,000.
But Brandt’s longer-term optimism comes with an immediate warning that Bitcoin could retreat toward $65,000–$66,000 in early October, shaking out investors who chased its recovery.
The forecasts arrive as Citi says the SEC’s recent announcements following the CLARITY Act’s failure have helped soften negative sentiment surrounding Bitcoin.
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“The bull market cycle this time has a very good chance of reaching half a million,” he said.
His immediate concern is that buyers may have become too confident that the bottom is already in.
Using $85,000 as the starting price would represent a decline of approximately 22%–24%.
Brandt previously identified Oct. 4 as a potential cycle-bottom date, but he now believes the low may have arrived earlier, while leaving room for another sharp correction.
How Much Would Bitcoin Need to Rise to Reach $600,000?
From $85,000, Bitcoin would need to gain approximately 606% to reach $600,000 — taking its value to just over seven times that level.
A $1,000 Bitcoin holding would consequently be worth about $7,059, before fees and taxes, assuming the investor held throughout the move.
Even reaching Citi’s $113,000 target would leave a considerable distance to travel to the upper prediction.
From there, it would need another 431% increase to hit the upper end of Brandt’s late-2029 range.
At around 20 million circulating coins, a $600,000 price would imply a Bitcoin market capitalization near $12 trillion.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
