Veteran trader Peter Brandt forecasts that bitcoin will experience a significant rally 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 been a reliable indicator for traders. The cycle suggests that bitcoin's bull runs typically peak around 16 to 18 months after the quadrennial mining reward halving, before entering a year-long bear market. A new uptrend then tends to begin 12 to 18 months prior to the next halving.
If this pattern 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. Brandt notes that the market may experience a choppy pattern of rallies and pullbacks before forming a bottom, and his projection is contingent upon the market adhering to its historical rhythm. Brandt, a seasoned commodities trader with nearly five decades of experience, has a unique perspective on the market, having begun his career in the 1970s trading traditional assets such as agricultural commodities, metals, and currencies.