Veteran trader Peter Brandt anticipates that the price of bitcoin will soar to $250,000 by 2029. However, this significant increase will only occur after the market has completed a lengthy bottoming process, which 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 approximately 16 to 18 months after the quadrennial mining reward halving, followed by a year-long bear market.
Subsequently, new uptrends tend to emerge 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, after which a new uptrend is expected to begin, potentially culminating in a top-out at $250,000 in late 2029. 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.' As a veteran commodities trader with nearly five decades of experience, Brandt's career spans traditional assets such as agricultural commodities, metals, and currencies. His perspective differs 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 subsequent rally marks the start of a new uptrend. Since early February, bitcoin has rallied over 25% to $80,300.
It is essential to note that 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 relies entirely on the market continuing to follow its historical rhythm, and he is prepared to reassess if price action deviates from this script.