Trader Peter Brandt: Bitcoin will reach $200,000 in the third quarter of 2029

According to Cointelegraph, veteran trader Peter Brandt stated that Bitcoin will not reach $200,000 within this year, and it may actually take until the third quarter of 2029. Previously, BitMEX co-founder Arthur Hayes and BitMine's Tom Lee had predicted a breakthrough of $200,000 by the end of this year, while Coinbase CEO Brian Armstrong and ARK Invest's Cathie Wood even forecasted reaching $1,000,000 by 2030.

Bitcoin has been on a continuous decline since hitting an all-time high of $125,100 on October 5. Brandt believes that the current pullback is beneficial for Bitcoin and points out that its trend is similar to the soybean market in the 1970s. The founder of Capriole Investments stated that institutional selling of Bitcoin has reached a record high as a proportion of Coinbase's trading volume.