"Veteran trader Peter Brandt predicts Bitcoin will surpass $250,000 by late 2029 based on a decade-long analysis of its price structure. His weekly candles
Veteran trader Peter Brandt predicts Bitcoin will surpass $250,000 by late 2029, based on a power law projection from his analysis of the cryptocurrency's long-term price structure. The prediction follows NBA legend Scottie Pippen's sharing of a chart demonstrating similarities between Bitcoin's current pattern and past trends.
Brandt's weekly candlestick chart illustrates an upward-sloping channel that has defined Bitcoin's macrostructure for over a decade, with the lower green boundary acting as a support zone during major consolidations and the upper red band connecting peak prices year after year. According to Brandt's extension of this channel, Bitcoin will experience a downward trend following a strong multi-year advance peaking in late 2025, before breaking out above $250,000 when the middle band of the channel intersects with that price level in 2029.
While $250,000 is a recurring Bitcoin price target among crypto participants, the timeline for reaching this milestone varies between analysts. For instance, Tom Lee of Fundstrat also believes Bitcoin will trade at $250,000 soon, albeit with a cautionary tone, while Galaxy Digital analysts project the same target around 2027, with expectations for accelerated growth.
In a comparative analysis, former NBA star Scottie Pippen has drawn parallels between Bitcoin's current market setup and its structure in mid-2020, just before a significant rally. Pippen's side-by-side chart comparison illustrates Bitcoin's Commodity Futures on the Chicago Mercantile Exchange (CME) in mid-2020 consolidating prior to a surge that reached record highs in 2021.
The right panel of the chart, representing present market action in 2026, mirrors this consolidation pattern above a green support zone, hinting at a comparable pre-breakout phase similar to the one observed in 2020. While Bitcoin's long-term outlook remains bullish, it is likely that the cryptocurrency will continue to consolidate near its current price level before initiating an aggressive rally reminiscent of the 2021 surge.
As of this report, Bitcoin is trading at $66,150, having experienced a 1.8% decrease in value over the past 24 hours. The cryptocurrency is currently consolidating below the $70,000 mark. This comparison serves as a potential indicator for investors and market analysts tracking Bitcoin's price movement in 2026.
Images sourced from Pixabay and chart data obtained from Tradingview.com.
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