Veteran trader Peter Brandt forecasts that bitcoin will experience a significant rally to $250,000 in 2029, but only after the market completes a lengthy bottoming process, potentially lasting until September 2026. This prediction aligns with bitcoin's historical four-year mining reward halving cycle, which has consistently influenced traders' projections.
Typically, bitcoin's bull runs peak around 16 to 18 months after the quadrennial mining reward halving, followed by a year-long bear market. New uptrends usually begin 12 to 18 months prior to the next halving.
If this cycle holds, the current bear market, which started in October 2025, should bottom around October 2026, and a new uptrend could emerge, potentially reaching $250,000 in late 2029. Brandt notes that he is not anticipating a low until September or October 2026 and suggests that the market may experience a rally followed by a sideways or downward trend. In the worst-case scenario, the price could drop to the $50s or high $40s before surging to $250,000.
As a seasoned commodities trader with nearly five decades of experience, Brandt's perspective differs from the consensus among crypto analysts, who believe that the downtrend ended in early February and that the current rally marks the beginning of a new uptrend. Since early February, bitcoin has rallied over 25% to $80,300. Brandt emphasizes that his forecast relies on the market continuing to follow its historical rhythm and that he is prepared to reassess his projections if the price action deviates from the expected pattern.