TLDR
- Peter Brandt forecasts Bitcoin reaching $200,000 in 2029 despite recent declines.
- Bitcoin may face further drops to $81,000 or $58,000 in the near term.
- Brandt maintains a long-term bullish outlook while Bitcoin faces market correction.
- Bitcoin’s future growth potential remains strong despite short-term bearish signals.
Veteran trader Peter Brandt has made headlines by predicting that Bitcoin (BTC) could eventually reach $200,000. However, he has tempered his forecast with a much longer timeline than many in the market anticipated. Brandt expects Bitcoin to hit this price target around the third quarter of 2029, significantly later than the predictions of some other analysts.
While Brandt remains bullish on Bitcoin’s long-term prospects, his comments come during a period of considerable market uncertainty. Bitcoin has been experiencing a two-month slide, trading at levels not seen in months. According to the most recent data, the price of Bitcoin dropped nearly 24% in the fourth quarter of 2025, reaching a low of $85,281 at one point.
Short-Term Bearish Outlook for Bitcoin
Despite his long-term optimism, Brandt has also indicated that Bitcoin could face further declines in the short term. He believes the recent price action signals the early stages of a bearish phase. According to Brandt, the sweeping reversal that began in early November, followed by a series of lower highs, could suggest the formation of a “broadening top” pattern. This pattern is typically associated with market corrections and declining prices.
Brandt has outlined potential downside targets for Bitcoin, noting that the cryptocurrency may fall further toward $81,000 and even $58,000 before a recovery begins. “Those who now claim they will be big buyers at $58,000 will be pukers by the time BTC reaches $60,000,” Brandt remarked, highlighting the difficulty some traders face in navigating market downturns.
Brandt’s Bullish Stance on Bitcoin’s Future
Even as Bitcoin faces short-term pressure, Brandt remains bullish on its long-term potential. He emphasized that the ongoing market correction could ultimately benefit Bitcoin, viewing the current decline as part of a necessary process for the asset’s future growth.
Brandt noted that he holds 40% of his largest Bitcoin position to date, underscoring his confidence in the cryptocurrency’s future despite the current market challenges.
“The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029,” Brandt explained. This projection stands in stark contrast to the more immediate price targets set by other analysts, who had previously expected Bitcoin to reach $200,000 within the next few years.
Market Adjustments and Lowered Price Targets
While Brandt’s outlook is long-term bullish, his forecast comes amid a broader trend of analysts revising their Bitcoin price predictions. Notably, ARK Invest’s Cathie Wood recently lowered her Bitcoin price target for 2030 from $1.5 million to $1.2 million. Similarly, Galaxy Digital’s Alex Thorn revised his Bitcoin year-end forecast, reducing it from $185,000 to $120,000.
These adjustments reflect ongoing market pressures, including regulatory uncertainty, macroeconomic conditions, and investor sentiment. Despite these challenges, Brandt’s outlook suggests that Bitcoin will likely experience a prolonged period of market correction before it can reach the levels he predicts.
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