Peter Brandt, a seasoned trader, forecasts that bitcoin will soar to $250,000 in 2029, but only after the market completes a lengthy bottoming process that could persist until September 2026. This prediction aligns with bitcoin's four-year mining reward halving cycle, which has consistently influenced traders' projections.

Historically, bitcoin's bull runs have peaked approximately 16 to 18 months after the quadrennial mining reward halving, before entering year-long bear markets. New uptrends typically begin 12 to 18 months prior to the next halving. This pattern held true in the most recent cycle, with bitcoin peaking in October 2025, roughly 18 months after the April 2024 halving. If the cycle holds, the bear market that commenced then should bottom around October 2026, and a new uptrend should begin, potentially reaching $250,000 in late 2029, roughly 18 months after the April 2028 halving.

Brandt stated, 'I am not calling for a low until Sep/Oct 2026. It is not necessary for the recent low to be penetrated.

We could experience a rally and then move sideways or downward. The worst-case scenario would be a move back into the lower green range, which would be in the 50s or possibly high 40s, and then surge to $250,000 and reach a high in late 2029.' As a veteran commodities trader with nearly five decades of experience, Brandt's career spans the 1970s in the futures markets, where he traded traditional assets such as agricultural commodities, metals, and currencies long before the emergence of modern electronic trading or digital assets.

Brandt's view diverges from the consensus among crypto analysts, who argue that the downtrend that began with the October peak near $126,000 ended in early February around $60,000, and that the subsequent rally marks the start of a new uptrend. Bitcoin has rallied over 25% to $80,300 since early February, according to CoinDesk data. It is essential to note that Brandt's forecast of no bottom until later this year does not necessarily imply a deeper downtrend that pushes prices below the February low.

Instead, prices could move in a choppy pattern of rallies and pullbacks before eventually forming a bottom. Brandt emphasized that his projection depends entirely on the market continuing to follow its historical rhythm. If price action deviates, he is prepared to reassess rather than defend a broken thesis.

'As long as the market follows the script, I will stay with my projections. If at some point the price discovery moves off script, I will be forced to revise all my thinking.

I will not be dogmatic about it as some are,' he said.