Veteran trader Peter Brandt forecasts that bitcoin will soar to $250,000 in 2029, following a lengthy bottoming process that could persist 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 have peaked approximately 16 to 18 months after the quadrennial mining reward halving, preceding a year-long bear market.

Subsequently, new uptrends tend to commence 12 to 18 months prior to the next halving. This pattern was observed in the most recent cycle, with bitcoin peaking in October 2025, roughly 18 months after the April 2024 halving. If this cycle holds, the bear market that began then 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 get a rally and then chop sideways to down.

Worst case would be a move back into the lower green banana peel, which would be into the 50s, maybe high 40s. Then blast off for $250k and a high in late 2029." As a veteran commodities trader with nearly five decades of experience, Brandt's career spans the 1970s to the present, with a background in traditional assets such as agricultural commodities, metals, and currencies. His 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 rally since then marks the start of a new uptrend. Bitcoin has rallied over 25% to $80,300 since early February.

Notably, 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, 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."