Veteran trader Peter Brandt has cast doubt on optimistic forecasts for Bitcoin’s near-term price trajectory, stating it may take until the third quarter of 2029 for the asset to reach $200,000.
Brandt outlined his perspective in a recent X post, clarifying that while he remains a long-term bull, he expects a more gradual path to major price milestones. Brandt stated:
“The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029.”
Differing forecasts from industry leaders
Brandt’s outlook sharply contrasts with bullish predictions from figures like Arthur Hayes and Tom Lee, who have maintained that Bitcoin could reach $200,000 by the end of this year.
Even more aggressively, Coinbase CEO Brian Armstrong and ARK Invest’s Cathie Wood have set targets as high as $1 million per bitcoin by 2030—just one quarter after Brandt’s $200K estimate.
Market pullback
Bitcoin has seen a steep decline since reaching a new all-time high of $125,100 on October 5, falling to $86,870 at press time—a drop of over 20% in the past month, according to CoinMarketCap.
Despite this, Brandt views the ongoing correction as beneficial for the market.
“This dumping is the best thing that could happen to Bitcoin.”
Other analysts have also pointed out that significant reset periods like these can pave the way for future gains.
Historic parallels
Brandt recently compared Bitcoin’s price action to the soybean market of the 1970s, which peaked before losing 50% of its value as supply outpaced demand. He noted:
“In the 1970s, Soybeans formed such a top, then declined 50% in value.”
Meanwhile, Charles Edwards of Capriole Investments remarked that Bitcoin has:
Never seen this much institutional selling as a percentage of Coinbase volume in all history.
