Veteran trader Peter Brandt believes that Bitcoin won’t hit the $200,000 mark by the end of this year, even though some crypto executives are hopeful. He thinks it might take nearly four more years to reach that milestone.
“The next bull market in Bitcoin should take us to around $200,000, which I expect will happen in Q3 2029,” Brandt shared in an X post on Thursday, insisting he remains a “long-term bull on Bitcoin.”
Brandt’s forecast is quite different from many other Bitcoin enthusiasts, like BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee, who are still betting on at least $200,000 by the end of this year. Just this October, they reaffirmed their confidence in this prediction too.
Brandt’s predictions stand out from other crypto execs
Continuing to contrast with other crypto bigwigs, Brandt’s outlook is far from the optimistic targets set by Coinbase CEO Brian Armstrong and ARK Invest’s Cathie Wood, both of whom are eyeing a $1 million Bitcoin by 2030—just a quarter after Brandt’s estimate, which is nearly five times lower.
Bitcoin has faced a rough stretch since it reached a new all-time high of $125,100 on October 5, seeing a drop to as low as $88,000 this Wednesday. Although there was a brief bounce back, the price dipped again, landing at $86,870 at the time of this writing, according to CoinMarketCap.
Related: Bitcoin hits ‘most bearish’ levels: Is the bull cycle ending?
Despite the dips, Brandt sees the current market downturn as a positive sign.
“This dumping is the best thing that could happen to Bitcoin,” Brandt stated. Other analysts have pointed out that these resets historically lead to even bigger gains in the future.
Brandt compares Bitcoin to the soybean market of the 1970s
Just last month, Brandt mentioned that Bitcoin’s price patterns are starting to resemble those of the soybean market from about 50 years ago, which experienced a peak before a steep 50% drop when supply outstripped demand.
“In the 1970s, soybeans reached a high and then saw a 50% decline in value,” Brandt recalled.
Capriole Investments founder Charles Edwards pointed out that Bitcoin has never experienced this level of institutional selling as a percentage of Coinbase volume in its entire history.
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