Brandt still sees a massive long-term upside for bitcoin

Veteran trader Peter Brandt believes bitcoin could eventually climb to $250,000 by 2029, according to recent market commentary covered by CoinDesk. But unlike many bullish forecasts, Brandt’s outlook is not based on an immediate breakout. He thinks the market first needs to complete a long and frustrating bottoming process that may continue into September 2026. (coindesk.com)

That makes the forecast more nuanced than a typical “straight to the moon” prediction. Brandt is bullish long term, but cautious about the path getting there. (coindesk.com)

He expects a slow and drawn-out market reset first

According to CoinDesk’s reporting, Brandt thinks bitcoin is still stuck in a broader consolidation and repair phase. Instead of expecting a quick recovery, he sees the market potentially spending months grinding sideways before a durable long-term rally can begin. (coindesk.com)

That kind of view reflects classic market-cycle thinking. Large bull markets are often preceded by periods where traders lose interest, volatility fades, and confidence weakens before momentum eventually rebuilds. Brandt appears to believe bitcoin may still be inside that type of accumulation stage. (coindesk.com)

The timing matters as macro uncertainty remains high

The forecast also arrives during a period of heavy macro uncertainty. Markets are still dealing with inflation concerns, interest-rate uncertainty, geopolitical risk and questions around liquidity conditions. Those factors have kept pressure on speculative assets, including crypto. (reuters.com)

That backdrop helps explain why Brandt is not expecting an immediate vertical rally. Even strong long-term bitcoin bulls increasingly acknowledge that macro conditions may stay restrictive for a while before the next major cycle fully begins. (reuters.com)

Brandt has a long history in technical trading

Peter Brandt is one of the better-known veteran chart traders in traditional commodity and futures markets. He has been active for decades and is widely followed in crypto circles because of his technical analysis and long-cycle market calls. (factorllc.com)

That does not mean his forecasts are guaranteed to be right. But his opinions tend to get attention because he approaches bitcoin through the lens of long historical market structures rather than short-term hype. (factorllc.com)

Why this matters

This matters because it reflects a growing split in crypto sentiment. Many investors remain strongly bullish on bitcoin’s long-term trajectory, especially after ETF adoption and institutional participation increased. But at the same time, there is less confidence that the market will move in a straight line upward from here. (coindesk.com)

Brandt’s view captures that tension well. The long-term target is extremely bullish, but the near-term expectation is patience, volatility and continued uncertainty. (coindesk.com)

The clean takeaway

Peter Brandt believes bitcoin could eventually reach $250,000 by 2029, but he does not think the market is ready yet. In his view, bitcoin still needs to finish a long bottoming process that may continue through much of 2026 before the next major rally truly begins. (coindesk.com)