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The CEO of consulting firm Factor, trader Peter Brandt, has suggested that Bitcoin could rise to $250,000 by 2029, assuming the characteristics of the current market cycle remain intact.
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Brandt believes that in the short term, the market may continue to face pressure from investors. He estimates that a price bottom could form by autumn, likely around September or October. A retest of the recent lows for the leading cryptocurrency is not mandatory; however, after a recovery, the market might enter a phase of sideways movement or encounter another correction, the consulting firm’s executive speculated.
In a negative scenario, the trader anticipates a decline in Bitcoin’s price to the range of $40,000–50,000. According to the analyst, this range could serve as a strong support zone where the market might find equilibrium.
Brandt indicated that his assessments are based on historical halving cycles and may be revised if the current dynamics deviate from previous patterns. Among the factors that could impact the Bitcoin market, he mentioned the economic situation, demand levels from major corporations, and global liquidity.
Previously, Peter Brandt urged particularly enthusiastic Bitcoin supporters to “stop using psychoactive substances” and described expectations for the leading cryptocurrency to reach $250,000 by the end of the year as unrealistic.
