Renowned trader Peter Brandt has added to growing skepticism on Bitcoin’s (BTC) price trajectory. The crypto leader plunged 10% in the past 24 hours with rising investor selloffs.
Major Headwinds Ahead for Bitcoin
Peter Brandt says Bitcoin will not hit $200k by December as widely tipped by several analysts. In a recent social media post, he projected that the next bull run leading to that point will take place over four years.
The crypto market has continued in a downward trend in the past three weeks as top assets shed previous gains. Initial losses were seen in retail, but institutional outflows stretched the dip into its third week.
While analysts forecast a recovery, they differ on the timeframe for Bitcoin reclaiming its all-time high. Brandt points to a slow recovery, adding that he is a long-term Bitcoin bull. This is expected, as institutional demand is at an annual low since President Trump’s victory last year.
“Full disclosure, folks. Of my maximum ever Bitcoin position I still own 40%, at a price 1/20th of Saylor’s avg buy. I am a long-term bull on Bitcoin. This dumping is the best thing that could happen to Bitcoin. The next bull market in Bitcoin should take us to $200,000 or so. That should be in around Q3 2029. I will post this analysis when complete for members of @BitcoinLive1.”
Brandt’s view that it would take Bitcoin four years to reach $200k differs from crypto executives who have issued mega bull cases. ArkInvest’s Cathie Wood and Coinbase executives have tipped a possible rise to $1 million by 2030.
Meanwhile, others projected the asset to end the year above $150k, a figure that looked likely until the current dip. Bitcoin jumped above $125k on the back of bullish institutional adoption and crypto treasury firms. Their heavy purchases rallied the markets as well as retail sentiments, prompting these views from analysts.
However, massive offloads to hedge losses heightened liquidations. The co-founder of Alliance DAO, Qiao Wang, told the community that a 50% decline is expected before the next massive surge due to “dumb” investments without proper research. Along crypto spaces, several users are also bracing for more liquidations.
On the flipside, bulls argue that fundamentals are largely unchanged, which can trigger another institutional season.
Source: https://zycrypto.com/peter-brandt-pushes-200000-bitcoin-target-out-four-years-says-hes-still-long-term-bull/
