Veteran commodities trader Peter Brandt has released a bold long-term forecast for Bitcoin, predicting the cryptocurrency could rally to $250,000 by 2029. However, Brandt warns that the market must first complete a prolonged bottoming process that may last into September or October 2026.
Brandt's projection is grounded in Bitcoin's four-year mining reward halving cycle. Historically, Bitcoin bull runs have peaked roughly 16 to 18 months after each halving, followed by a year-long bear market. New uptrends then typically begin 12 to 18 months before the next halving. In the most recent cycle, Bitcoin peaked in October 2025, about 18 months after the April 2024 halving. If this pattern holds, the current bear market should bottom around October 2026, and a new uptrend could carry the price to $250,000 in late 2029—again roughly 18 months after the April 2028 halving.
In an email to CoinDesk, Brandt clarified: “I am not calling for a low until Sep/Oct 2026… 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.” He emphasized that his forecast is contingent on the market continuing to follow its historical rhythm. If price action deviates, he is prepared to revise his thesis.
Brandt's view contrasts with the consensus among many crypto analysts, who argue that the downtrend from the October 2025 peak near $126,000 ended in early February 2026 around $60,000. Bitcoin has since recovered over 25% to approximately $80,300. Brandt does not necessarily foresee a deeper decline below the February low; instead, he suggests the market could trade in a choppy, sideways pattern before forming a final bottom.
The veteran trader, who began his career in the 1970s trading agricultural commodities, metals, and currencies, has a track record of accurately calling major market moves, including the 2017 Bitcoin peak and the 2022 bear market. He advises traders to remain flexible and adjust positions based on actual price action rather than rigid forecasts.
