Veteran trader Peter Brandt has cast doubt on aggressive Bitcoin price predictions. He stated on November 21 that BTC will not reach $200,000 until the third quarter of 2029. This challenges the optimistic timelines set by prominent crypto figures.
Brandt maintains his long-term bullish stance despite the recent market downturn. He views the current sell-off as a necessary correction. This reset could create opportunities for future gains, according to his analysis.
The trader’s forecast contradicts predictions from BitMEX co-founder Arthur Hayes and Tom Lee. Both have suggested Bitcoin could hit $200,000 by year-end. They reaffirmed these targets in October, maintaining confidence in near-term price appreciation.
Market Leaders Divided on Bitcoin’s Trajectory
Brandt’s timeline also conflicts with projections from major industry figures. Coinbase CEO Brian Armstrong and ARK Invest’s Cathie Wood recently predicted Bitcoin could reach $1 million by 2030. Their target exceeds Brandt’s forecast by five times, with only a one-quarter difference in time.
Bitcoin has experienced significant volatility in recent weeks. The cryptocurrency peaked at $125,100 on October 5 before declining to $84,143 at the time of writing. This represents a drop of over 20 percent in 30 days. The current price sits 34.61 percent below the all-time high.
Brandt considers the current washout beneficial for Bitcoin’s long-term health. Other analysts like Rational Root share this perspective. Historical data shows similar declines have preceded new market highs. These reset phases often clear excessive speculation before major rallies.
The veteran trader drew comparisons to the soybean market of the 1970s. Soybean prices surged before falling 50 percent due to supply constraints. Brandt identified a rare broadening top pattern forming on Bitcoin’s chart. This technical formation typically signals major market tops.
Institutional Buying Continues Despite Price Weakness
Tom Lee attributes the recent decline to a major liquidation event on October 10. Historical patterns suggest unwinding from such events takes approximately eight weeks. The market is currently in its sixth week of this liquidation cycle.
Lee’s firm, BitMine, continues to accumulate Ethereum despite market turbulence. The company purchased 202,037 ETH, worth approximately $828 million, on October 13. This demonstrates institutional confidence in crypto assets during periods of price correction.
Michael Saylor remains the largest buyer of Bitcoin on the market. His company Strategy purchased 8,178 BTC worth $836 million last week. This marked the largest acquisition since July when the firm bought over 21,000 BTC. Strategy now holds 649,870 BTC valued at $54.52 billion. The position generates $6.15 billion in unrealized profit at current prices.
Rumors surfaced on November 17 suggesting that Strategy sold Bitcoin holdings worth over $4.2 billion. TMGM analysis linked large Bitcoin payments to Strategy wallets. The company has not confirmed these transactions.
Source: https://coinpaper.com/12528/bitcoin-s-200-k-target-pushed-to-2029-as-veteran-trader-questions-bullish-forecasts
