Veteran dealer Peter Brandt on Thursday laid out a a lot slower timetable for Bitcoin’s subsequent huge rally, saying it could possibly be across the third quarter of 2029 earlier than Bitcoin reaches $200,000.
In accordance with a publish on X, Brandt stays a long-term supporter of Bitcoin, however warns {that a} rise to $200,000 will take time.
A pointy decline after the October peak?
Bitcoin reached an all-time excessive of $125,100 on October fifth. It has since fallen greater than 25%, wiping out about $710 billion in market worth.
In accordance with Coingecko information, the token was buying and selling at $83,500 at one level, however fell to $82,650 because the market moved. Costs have been rising and falling once more, leaving many merchants apprehensive about timing and threat.
Full disclosure everybody.
Of my largest Bitcoin place thus far, I nonetheless personal 40% and the worth is 1/twentieth of Saylor’s common buy value.
I am a long-term bull on Bitcoin. This dumping is one of the best factor that would occur to Bitcoin. Bitcoin’s subsequent bull run must be round $200,000. that…— Peter Brandt (@PeterLBrandt) November 21, 2025
Brandt referenced previous product patterns to get his level throughout. He in contrast Bitcoin’s conduct to the soybean market of the Seventies, which noticed fast beneficial properties after which sharp declines when provide exceeded demand. In that episode, Brandt reminded his followers that soybeans have been down about 50% after their peak.
Technical indicators flip bearish
In the meantime, market evaluation agency CryptoQuant warned of a pullback as essentially the most bearish part of the present bull market because it started in January 2023.
The corporate’s Bullscore index fell to twenty out of 100 final week, a stage that signifies weak spot demand, adverse value momentum, and declining stablecoin liquidity.
The platform additionally famous that Bitcoin has fallen beneath its 365-day transferring common, a technical mark that held all through the early correction of this cycle.
Nonetheless, CryptoQuant CEO Ki Younger-joo not too long ago advised that the market could not have formally entered bearish territory, illustrating how completely different views and interpretations will be.
Institutional gross sales add strain
Charles Edwards, founding father of Capriol Investments, warned of unusually excessive institutional promoting, saying, “We’ve got by no means seen institutional promoting as a proportion of Coinbase’s quantity in historical past.”
Analysts say this pattern has made this reset even deeper than earlier pullbacks throughout the identical rally.
By no means earlier than in its historical past has Bitcoin seen such giant institutional sell-offs as a proportion of Coinbase buying and selling quantity. pic.twitter.com/YzSzpGQmBN
— Charles Edwards (@caprioleio) November 21, 2025
A veteran dealer’s cautious timeline
Brandt’s outlook stands in distinction to extra optimistic voices from the crypto business. The report revealed that BitMEX co-founder Arthur Hayes and market veteran Tom Lee have been amongst those that reiterated their hopes for $200,000 earlier than the tip of the 12 months.
Some folks contemplate pullbacks wholesome
Regardless of Bitcoin’s present downturn, Brandt mentioned the latest fireplace sale was useful. He claimed that by cleaning now, you’ll be able to eliminate extra and arrange extra highly effective strikes later.
Different widespread numbers level to earlier targets, with some predicting $200,000 by the tip of the 12 months, and several other, together with ARK Make investments’s Cathie Wooden and Coinbase head Brian Armstrong, predicting $1 million by 2030.
Different analysts pointed to a historic sample of painful corrections adopted by new beneficial properties, however added that the timing of the reversal was tough.
Featured picture from Unsplash, chart from TradingView
