The recent Bitcoin “dumping” is a positive sign for the asset, but it could take years, not weeks, for Bitcoin to reach that magic $200,000 number.
Veteran trader Peter Brandt said he doesn’t see Bitcoin reaching $200,000 before the end of the year as some crypto executives have predicted. In fact, he argues it may take nearly four more years to get there.
“The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029,” Brandt said in an X post on Thursday, while emphasizing that he is a “long-term bull on Bitcoin.”
Brandt’s forecast stands out for several reasons. Many prominent Bitcoin (BTC) advocates, such as BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee, had expected at least $200,000 by the end of this year. Lee and Hayes even reiterated their confidence in the prediction as recently as October.
Brandt’s prediction contrasts significantly with other crypto execs
Brandt’s projection also significantly contrasts with the bullish targets from crypto executives such as Coinbase CEO Brian Armstrong and ARK Invest’s Cathie Wood, who both anticipate $1 million Bitcoin by 2030, just one quarter later than Brandt expects the price to be roughly five times lower.
Bitcoin has been in a downtrend almost ever since setting a new all-time high of $125,100 on Oct. 5, dropping to as low as $88,000 on Wednesday. Despite posting a brief recovery, the price fell even lower to $86,870 at the time of publication, according to CoinMarketCap.
Related: Bitcoin hits ‘most bearish’ levels: Is the bull cycle ending?
However, Brandt described the current market pullback as a healthy development.
“This dumping is the best thing that could happen to Bitcoin,” Brandt said. Other crypto analysts have recently noted that historically, these reset periods often pave the way for even greater upside in the future.
Brandt said Bitcoin similar to 1970’s soybean market
It was only in October that Brandt said that Bitcoin’s price chart was starting to show similarities to the soybean market around 50 years ago, which saw prices peaking before plummeting 50% as global supply began to outweigh demand.
“In the 1970s, Soybeans formed such a top, then declined 50% in value,” Brandt said.
Capriole Investments founder Charles Edwards said Bitcoin has “never seen this much institutional selling as a percentage of Coinbase Volume in all history.”
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