Noted trader Peter Brandt forecasts that bitcoin will experience a significant rally to $250,000 by 2029, following a lengthy bottoming process that may extend into September 2026. This projection aligns with bitcoin's historical four-year mining reward halving cycle, which has consistently influenced traders' predictions. The cycle typically involves a bull run peaking 16 to 18 months after the halving, followed by a year-long bear market, and then a new uptrend beginning 12 to 18 months before the next halving.
Brandt's forecast suggests that the current bear market, which started after the peak in October 2025, should bottom around October 2026, and then a new uptrend could emerge, potentially reaching $250,000 in late 2029. Brandt's view differs from the consensus among crypto analysts, who believe the downtrend ended in early February and that the current rally marks the beginning of a new uptrend. Bitcoin has rallied over 25% to $80,300 since early February.
Brandt emphasizes that his projection relies on the market adhering to its historical pattern and that he is prepared to reassess if the price action deviates from this script.