Veteran trader Peter Brandt has stated that Bitcoin is unlikely to reach the $200,000 level before the third quarter of 2029. His view contrasts with other projections from industry leaders who expect the asset to hit the same target much sooner. Brandt remains confident in Bitcoin’s long-term value, but says the road ahead could take longer than many expect.
Peter Brandt shared his updated outlook for Bitcoin in a recent post on X. According to him, the next major price cycle could bring the asset up to $200,000, but not until Q3 of 2029. He wrote,
“The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029.”
His projection goes against more aggressive targets made by other voices in the crypto space. BitMEX co-founder Arthur Hayes and Fundstrat’s Tom Lee have both said they believe Bitcoin could hit $200,000 by the end of 2025. Despite the difference in timing, Brandt says he is still “a long-term bull on Bitcoin.”
Recent Price Drop Seen as a Reset
Bitcoin’s price has fallen by more than 20% over the past month. After reaching an all-time high of $125,100 in early October, it dropped to as low as $86,870. While some see this as a negative trend, Brandt took a different stance, calling it a necessary adjustment. He wrote,
“This dumping is the best thing that could happen to Bitcoin.”
Other market watchers agree that such pullbacks have happened before and can help lay the groundwork for future growth. Long-term investors often use these periods to reassess their positions or add to them at lower price levels.
However, Brandt’s outlook differs from those of other well-known figures in the crypto sector. ARK Invest’s Cathie Wood and Coinbase CEO Brian Armstrong have both forecasted a $1 million Bitcoin price by 2030. Brandt’s timeline reaches only one quarter earlier, but with a much lower target.
In October, Brandt also compared Bitcoin’s current chart to the soybean market of the 1970s. He noted that soybeans formed a similar peak before falling by half in value. He used this as a warning that sharp rises can sometimes lead to deep corrections when demand softens.
Institutional Selling and Index Risks
Charles Edwards, founder of Capriole Investments, said institutional selling on Coinbase has reached record levels compared to previous cycles.
“Bitcoin has never seen this much institutional selling as a percentage of Coinbase volume in all history,” he said.
Brandt also raised attention with a controversial remark regarding Michael Saylor, suggesting the U.S. should force him to sell his company’s Bitcoin so that the government could purchase coins at a much lower price. Arca CIO Jeff Dorman responded, “Stick with TA. There is no price where Saylor is forced into liquidation.”
Separately, JPMorgan reported that MSCI is considering dropping MicroStrategy from its indices due to its large Bitcoin exposure. If removed, index-tracking funds could be forced to sell around $2.8 billion worth of stock, potentially adding pressure to the company’s share price.
