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Bitcoin to $200K? Brandt Targets 2029, Not This Year
Veteran trader Peter Brandt has pushed back against expectations that Bitcoin will hit $200,000 this year, arguing instead that the milestone is more likely to be reached in the third quarter of 2029. Brandt’s projection stands in sharp contrast to forecasts made by several leading figures in the industry.
A View That Contradicts Major Industry Predictions
In a post shared on X this Thursday, Brandt emphasized his long-term bullish outlook on Bitcoin, stating that the next major bull cycle is likely to target the $200,000 level. However, he believes achieving this price may require roughly four more years of patience.
Prominent names such as BitMEX co-founder Arthur Hayes and Fundstrat’s Tom Lee have previously predicted that Bitcoin could reach at least $200,000 by the end of this year. Both reiterated their confidence in these targets during October.
Brandt’s forecast also diverges sharply from the optimistic projections of several crypto company executives. Coinbase CEO Brian Armstrong and ARK Invest’s Cathie Wood both anticipate Bitcoin hitting $1 million by 2030—nearly five times higher than Brandt’s estimate for the same period.
Is the Current Pullback a Healthy Development?
After setting a new all-time high of $125,100 on October 5, Bitcoin entered a consistent downtrend. On Wednesday, the price briefly fell to $88,000 before a short-lived rebound and another decline. According to CoinMarketCap data, BTC was trading around $86,870 at the time of writing.
Brandt described the ongoing correction as a healthy development for the market. Calling the pullback “the best thing that could happen to Bitcoin,” he stressed the importance of such resets.
Other crypto analysts shared similar views, noting that periods of reset like this often pave the way for larger future rallies based on historical patterns. These corrections, they argue, are essential for restoring balance and building a stronger market structure.
Parallels to the Soybean Market of the 1970s
Brandt previously noted in October that Bitcoin’s price chart has begun to resemble the soybean market nearly 50 years ago. During that era, soybeans reached a major peak before losing 50% of their value as global supply surpassed demand.
“Soybeans formed a similar top in the 1970s and then dropped by 50%,” Brandt said, warning that Bitcoin could follow a comparable pattern.
Record Levels of Institutional Selling Pressure
Charles Edwards, founder of Capriole Investments, reported that institutional selling pressure on Bitcoin—measured as a percentage of Coinbase trading volume—has reached unprecedented levels. This metric highlights the intensity of selling activity and the extent to which large investors are trimming their positions.
Brandt’s 2029 projection, contrasted with the short-term targets of other analysts, underscores the wide range of time horizons and expectations currently shaping the market. Which scenario ultimately plays out will depend on global economic conditions and the evolving dynamics of the crypto landscape.
