Peter Schiff Warns Quantum Hack Could Make Him ‘Short Everything’ On Bitcoin, Sees $600K Cycle Top

• Brand said a successful quantum computing hack of Bitcoin's core architecture would make him want to "short everything in the world on Bitcoin." 
• He saw a "good shot" that Bitcoin had already bottomed in June and still hoped for a "tradable low" near $65,000 to $66,000 in early October. 
• Brandt expected Bitcoin to reach above $250,000 by early 2029 and saw a cycle top between $300,000 and $600,000 later that year. 

Veteran trader Peter Brandt said a quantum computing hack of Bitcoin's (BTC) core architecture would make him want to "short everything in the world of Bitcoin." 

Brandt made the comments in an interview with CoinTelegraph on Friday, where he discussed the risk quantum computing could pose to Bitcoin's security. Quantum computers could potentially become powerful enough to break the cryptography protecting the network, likely undermining one of Bitcoin's fundamental security assumptions. 

"It'll never go to zero because there's always a sucker that wants to own it," Brandt said. "But… if it's hackable, that's an attack on its basic premise." He added that the Bitcoin experts he trusts believe the network cannot be hacked. Even if it were, Brandt said they believe it could be patched. 

Bitcoin May Have Already Bottomed, Says Brandt

Brandt had called for Bitcoin to bottom on October 4 previously. Instead, he said the market bottomed in late June before moving sideways through July and August, putting his call off by 6 to 7 weeks. 

"I don't want to make my understanding of the market fit the market. I want the market to fit my understanding, and so I'm kind of back to the drawing board," he said. Brandt still saw a "good shot" that the June low marked the start of a new bull market. "That the bottom is in, and we go up from here," Brandt said. 

Room For One More Bitcoin Dip?

Brandt said he still hoped for a "tradable low" in early October, near $65,000 to $66,000. Such a move, he said, could clear out traders who "piled in," believing we go straight up from here. 

"You clean the market out, and you give the whales an opportunity to put on that much more of a position," he said, suggesting a pullback could shake out recent buyers and allow large holders to accumulate at lower prices. 

Brandt Sees Bitcoin Peaking At Up To $600,000

Brandt expected Bitcoin to reach about $250,000 by early 2029, followed by a cycle top between $300,000 and $600,000 in late 2029. He tied that timing to the next halving, due in April 2028, when miners' block rewards are cut in half. Brandt said the cycle top should come as far after the halving as the June low came before it. 

Brandt also played down calls for Bitcoin to reach $100,000 by year-end. "For me it's unimportant," he added. He also said he was not a $1 million bull, distancing himself from forecasts that see Bitcoin eventually reaching seven figures.

Bitcoin’s price traded around $84,181, down over 1% in the last 24 hours. On Stocktwits, the retail sentiment around Bitcoin remained in the ‘bullish’ territory, with chatter at ‘normal’ levels over the past day.

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