Veteran trader Peter Brandt forecasts that bitcoin will rally to $250,000 in 2029, following a lengthy bottoming process that could persist until September 2026. This projection aligns with bitcoin's four-year mining reward halving cycle, which has been a reliable indicator for traders.
Historically, bitcoin's bull runs have peaked approximately 16 to 18 months after the quadrennial mining reward halving, preceding a year-long bear market. Subsequently, new uptrends tend to emerge 12 to 18 months prior to the next halving. If this cycle holds, the current bear market should bottom around October 2026, followed by a new uptrend that could propel bitcoin to $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, followed by a sideways or downward trend. In the worst-case scenario, we might witness a move back into the lower green zone, potentially reaching the 50s or high 40s, before surging towards $250,000 and peaking in late 2029.' As a seasoned commodities trader with nearly five decades of experience, Peter Brandt's career spans the 1970s to the present, having traded traditional assets such as agricultural commodities, metals, and currencies. Brandt's perspective diverges from the consensus among crypto analysts, who believe that the downtrend that commenced with the October peak near $126,000 ended in early February around $60,000, and that the subsequent rally marks the beginning of a new uptrend.
Since early February, bitcoin has experienced a 25% surge to $80,300, 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 would push prices below the February low. Instead, prices could fluctuate in a choppy pattern of rallies and pullbacks before eventually forming a bottom. Brandt emphasized that his projection relies entirely on the market adhering to its historical rhythm, and he is prepared to reassess his stance if price action deviates from this script.