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.
