Veteran trader Peter Brandt stated that he believes Bitcoin will not reach $200,000 by the end of the year as some cryptocurrency executives have predicted. In fact, he thinks it may take nearly four more years to achieve that goal.
"Bitcoin's next bull market should take us to around $200,000. This should happen around the third quarter of 2029," Brandt said in a post on the X platform on Thursday, emphasizing that he is a "long-term bull on Bitcoin."
Brandt's prediction is notable for several reasons. Many prominent Bitcoin (BTC) advocates, such as BitMEX co-founder Arthur Hayes and BitMine chairman Tom Lee, have predicted that it will reach at least $200,000 by the end of this year. Lee and Arthur even reaffirmed their confidence in this prediction in October.
Brandt's forecast also stands in stark contrast to the bullish targets of cryptocurrency executives like Coinbase CEO Brian Armstrong and ARK Invest's Cathie Wood, both of whom expect Bitcoin to reach $1 million by 2030, just one quarter later than Brandt's expected timeline, but at a price approximately five times what Brandt anticipates.
Since hitting an all-time high of $125,100 on October 5, Bitcoin has been in a downward trend, dipping to a low of $88,000 on Wednesday. Despite a brief rebound, the price further fell to $86,870 as of the time of writing, according to CoinMarketCap data.
However, Brandt described the current market correction as a healthy development.
"This sell-off is the best thing that could happen to Bitcoin," Brandt said. Other cryptocurrency analysts have recently pointed out that historically, these reset periods often pave the way for larger gains in the future.
Just in October, Brandt noted that Bitcoin's price charts began to show similarities to the soybean market about 50 years ago, when soybean prices plummeted by 50% after peaking, as global supply began to exceed demand.
"In the 1970s, soybeans formed such a top and then dropped in value by 50%," Brandt said.
Charles Edwards, founder of Capriole Investments, stated that Bitcoin has "never seen such a large-scale institutional sell-off in its entire history, with the percentage of Coinbase trading volume hitting an all-time high."
Related: Bitcoin (BTC) whale Owen Gunden sells off entire $1.3 billion position
Original article: “Veteran Trader Peter Brandt: Bitcoin (BTC) Won't Reach $200,000 Until Q3 2029”
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