Seasoned trader Peter Brandt forecasts bitcoin will rise to $250,000 in 2029, following a lengthy bottoming process potentially lasting until September 2026. This projection aligns with bitcoin's historical four-year mining reward halving cycle, which has influenced traders' expectations. Typically, bitcoin's bull runs peak around 16 to 18 months after the quadrennial halving, preceding a year-long bear market, with new uptrends emerging 12 to 18 months before the next halving. If this pattern holds, the current bear market, which began after the October 2025 peak, should bottom around October 2026, followed by a new uptrend that could culminate in a $250,000 high 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.' With a career spanning nearly five decades, Brandt's views contrast with the consensus among crypto analysts, who believe the downtrend ended in early February and the subsequent rally marks the start of a new uptrend. Bitcoin has rallied over 25% to $80,300 since early February. Brandt stresses that his projection relies on the market adhering to its historical rhythm, and he is prepared to reassess if price action deviates from this script.