Veteran commodities trader Peter Brandt, whose career spans nearly five decades, has laid out a detailed price roadmap for Bitcoin. His target: $250,000 by late 2029. But he says the market still has a long way to go before that rally begins.
Brandt believes Bitcoin is currently in a bottoming phase that could drag on through September or October 2026. That timeline is not arbitrary. It comes directly from studying Bitcoin’s four-year halving cycle, which has repeated with enough consistency to form the backbone of his analysis.
In April 2024, Bitcoin’s block reward was cut in half — from 6.25 BTC to 3.125 BTC per block. According to historical patterns, bull markets tend to peak around 16 to 18 months after a halving. That put the most recent peak near October 2025, at around $126,000.
Following that peak, Brandt expects a bear market lasting roughly a year. That would place a bottom somewhere around the fall of 2026. A new uptrend would then develop in the lead-up to the April 2028 halving, potentially topping out at $250,000 in late 2029.
“I am not calling for a low until Sep/Oct 2026,” Brandt told CoinDesk. “It is not necessary for the recent low to be penetrated. We could get a rally and then chop sideways to down. Worst case would be a move back into the lower green banana peel which would be into the 50s, maybe high 40s. Then blast off for $250k and a high in late 2029.”
That means Bitcoin could drift between roughly $47,000 and $80,000 for more than a year before any major upside move begins.
Not all analysts agree. Many in the crypto space believe the bear market already ended in February, when Bitcoin bottomed near $60,000. Since then, BTC has climbed more than 25%, reaching around $80,300 as of early May 2026.
Brandt stands apart from many forecasters by openly stating he will change his view if the data changes. “As long as the market follows the script I will stay with my projections. If at some point the price discovery moves off script I will be forced to revise all my thinking. I will NOT be dogmatic about it,” he said.
That willingness to adapt is notable in a market where forecasters often double down on wrong calls.
At current levels, Bitcoin trades near $79,740, still well below its 2025 peak.
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