Peter Brandt Predicts Bitcoin Will Reach $250,000 After a Market Bottom Later This Year

Veteran trader Peter Brandt forecasts that bitcoin will experience a significant rally to $250,000 in 2029, but this growth will be preceded by a lengthy bottoming process that could potentially last until September 2026. This prediction aligns with the historical pattern of bitcoin's four-year mining reward halving cycle, which has consistently influenced traders' projections. Typically, bitcoin's bull runs have peaked roughly 16 to 18 months after the quadrennial mining reward halving, before entering into year-long bear markets.

Subsequent uptrends usually begin 12 to 18 months prior to the next halving. If this cycle holds, the bear market that commenced in October 2025 should reach its 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 notes, '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 perspective differs from the consensus among crypto analysts, who believe the downtrend that started with the October peak near $126,000 ended in early February around $60,000, and that the subsequent rally marks the beginning of a new uptrend. Since early February, bitcoin has rallied over 25% to $80,300, according to CoinDesk data. 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 emphasizes that his projection is contingent upon the market continuing to follow its historical rhythm, and he is prepared to reassess his stance if price action deviates from this script.