According to Peter Brandt, a veteran trader, bitcoin is anticipated to experience a significant rally to $250,000 by 2029. However, this surge is contingent upon the market completing a lengthy bottoming process, which may persist until September 2026. This projection aligns with the historical pattern of bitcoin's four-year mining reward halving cycle, which has reliably influenced traders' predictions.
Typically, bitcoin's bull runs have peaked approximately 16 to 18 months after the quadrennial mining reward halving, preceding a year-long bear market. Subsequent uptrends often commence 12 to 18 months prior to the next halving. Brandt's forecast suggests that the current bear market, which began in October 2025, should reach its bottom around October 2026, followed by a new uptrend that could propel bitcoin to $250,000 by late 2029.
Brandt clarified that he does not anticipate a low until September or October 2026 and acknowledged the possibility of a rally followed by a sideways or downward trend. With a career spanning nearly five decades, Brandt's perspective diverges from the consensus among crypto analysts, who believe the downtrend that started with the October peak near $126,000 has ended and a new uptrend has begun.
Since early February, bitcoin has experienced a 25% rally to $80,300. Brandt emphasized that his projection is contingent upon the market adhering to its historical rhythm and that he is prepared to reassess his thesis if price action deviates from this pattern.