Peter Brandt Says Bitcoin Price Won’t Hit $200K Until 2029, Calls Current Drop Healthy

Highlights:

• Peter Brandt predicts Bitcoin may take years to reach $200,000 amid ongoing market volatility.
• He believes the current Bitcoin drop is normal and could help future price growth.
• Santiment data shows traders are split, expecting either a Bitcoin drop or a strong rally.

The crypto market has been facing steady pressure in recent weeks, and Bitcoin has been at the center of this ongoing struggle. After reaching an all-time high of $125,100 on October 5, BTC has fallen into a downtrend, trading at around $85,500 at the time of publication, as per the data from CoinMarketCap. This overall weakness has created fresh discussions among analysts, who are now rethinking their earlier expectations for stronger performance before the year ends.

Hayes and Tom Lee were still confident in October that Bitcoin could reach at least $200,000 before the year ended. Their view showed the positive mood many industry figures had earlier this month, but now it faces a clear opposite opinion from one of the market’s oldest and most experienced chart analysts.

Brandt Predicts Longer Timeline for Bitcoin Price to Reach $200,000

Veteran trader Peter Brandt came forward with a much later timeline. He said on Thursday that Bitcoin is not likely to reach $200,000 soon. He explained that the market may need almost four more years before a price like that can appear. Brandt stated in his X post, “The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029,” while also adding in the same message that he is a “long-term bull on Bitcoin.” The tone surprised many because earlier calls from crypto executives assumed a much shorter wait.

Brandt Views BTC Pullback as Healthy

However, Brandt described the current market pullback as a healthy sign. He explained that this selling phase could actually benefit Bitcoin in the long run. Other crypto analysts have also noted that, in the past, such reset periods often set the stage for stronger price increases later. 

Brandt also shared a historical comparison in a post on X in October. He explained that soybeans in 1977 formed a broadening top before dropping almost 50% and pointed out that the Bitcoin price is showing a similar pattern now. At that time, BTC was hovering near $108K. He warned that aggressive trading is very risky and reminded traders that taking large bets in uncertain markets can lead to losses.

Mixed Sentiment Shows Market Uncertainty

Market intelligence platform Santiment observed that social media shows a mix of optimism for buying dips and pessimism, with very few neutral opinions. Some traders expect Bitcoin to drop below $70,000, while others think it could rise to $130,000.

Heading into Friday, discussions about lower Bitcoin prices became more common. Santiment noted that if many retail traders predict Bitcoin price will fall below $70,000, it could indicate that the market bottom is near. The data suggests that prices often move opposite to the majority’s expectations.

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