Peter Brandt Delays Bitcoin’s $200K Milestone to Q3 2029 Amid Market Pullback
Veteran trader Peter Brandt now projects Bitcoin’s $200,000 milestone won’t arrive until the third quarter of 2029, challenging near-term forecasts by Arthur Hayes and Tom Lee for year-end 2025 gains. Brandt views the recent 20% drop from an October high of $125,100 to $84,143 as a healthy correction that mirrors past broadening top patterns—often precursors to major rallies. His long-term bullish stance remains intact despite this reset. By contrast, Coinbase’s Brian Armstrong and Cathie Wood of ARK Invest foresee a $1 million BTC by 2030. Meanwhile, institutional players are active: Tom Lee’s firm acquired 202,037 ETH (~$828 million) during the October liquidation cycle, and Michael Saylor’s Strategy bought 8,178 BTC ($836 million) last week, bringing its holdings to 649,870 BTC. This divergence of forecasts and ongoing institutional accumulation underscores a market in technical consolidation but poised for future upside.
Bearish
Delaying Bitcoin’s $200K target to 2029 dampens near-term bullish sentiment, suggesting an extended correction phase. Brandt’s identification of a broadening top and the recent 20% pullback echo past market cycles where price resets preceded sustained rallies but also led to short-term bearish momentum. Although institutional accumulation (ETH and BTC buys by leading firms) provides underlying support, traders may remain cautious until technical consolidation completes. In similar historical events, such extended forecast revisions have led to sideways to downward price action before new uptrends emerged, indicating a bearish bias in the short term but neutral to bullish fundamentals longer term.