According to veteran trader Peter Brandt, bitcoin is poised to skyrocket to $250,000 by 2029. However, this significant price increase is contingent upon the market first navigating a lengthy and complex bottoming process, which could persist until September 2026.

This forecast aligns with bitcoin's established four-year mining reward halving cycle, a pattern that has historically dictated the trajectory of trader projections. Typically, bitcoin's bull runs have culminated approximately 16 to 18 months after the quadrennial mining reward halving, followed by a year-long bear market. Subsequent uptrends usually commence 12 to 18 months prior to the next halving. The most recent cycle adhered to this pattern, with bitcoin peaking in October 2025, roughly 18 months after the April 2024 halving.

If this cycle holds, the bear market that commenced then should reach its bottom around October 2026, paving the way for a new uptrend that could propel prices to $250,000 in late 2029. Brandt shared his insights with CoinDesk via email, stating, '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 see a move back into the lower green zone, potentially into the 50s or high 40s, before surging towards $250,000 and reaching a peak in late 2029.' Peter Brandt is a seasoned commodities trader with nearly five decades of experience, having begun his career in the 1970s trading traditional assets such as agricultural commodities, metals, and currencies. His perspective diverges from the consensus among crypto analysts, who argue that the downtrend that started with the October peak near $126,000 concluded in early February around $60,000, and that the subsequent rally marks the onset of a new uptrend.

Since early February, bitcoin has experienced a significant rally, increasing by over 25% 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 ultimately forming a bottom. Brandt emphasized that his projection is contingent upon the market continuing to adhere to its historical rhythm.

If price action deviates, he is prepared to reassess rather than defend a broken thesis, stating, '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.'