Bitcoin News Today: Bitcoin's 2029 Target: Brandt Sees Correction as Growth Catalyst

Veteran trader Peter Brandt has revised his Bitcoin price forecast, predicting the cryptocurrency will not reach $200,000 until the third quarter of 2029—nearly four years later than many bullish projections from industry peers. This outlook contrasts sharply with forecasts from figures like BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee, who have maintained year-end 2025 targets for the $200,000 milestone according to CoinMarketCap. Brandt, however, emphasizes that the current market correction is a necessary reset, describing it as "the best thing that could happen to Bitcoin".

Bitcoin's price has fallen nearly 20% over the past 30 days, trading at $86,870 as of late November 2025, according to CoinMarketCap. The decline follows a peak of $125,100 in early October and has been exacerbated by institutional selling, which Charles Edwards of Capriole Investments called "historic" in scale according to market analysis.

Brandt likened Bitcoin's chart pattern to the 1970s soybean market, which saw prices collapse 50% after peaking. He warned that such structural resets often precede major bull cycles.

The veteran trader's forecast diverges even further from more aggressive long-term predictions. Coinbase CEO Brian Armstrong and ARK Invest's Cathie Wood have both projected Bitcoin could hit $1 million by 2030 according to market analysis. By comparison, Brandt expects the asset to trade at roughly one-fifth that level by then. His analysis underscores growing skepticism about short-term bullish narratives, particularly as institutional pressure and macroeconomic factors—such as delayed Fed rate cuts—weigh on risk assets.

Meanwhile, the crypto community has seized on high-profile developments as potential signs of institutional acceptance. U.S. Treasury Secretary Scott Bessent's unannounced visit to Pubkey DC, a Bitcoin-themed bar in Washington, was interpreted by advocates as a signal of federal openness to digital assets. Bessent, a vocal supporter of Bitcoin, has previously endorsed the creation of a Strategic Bitcoin Reserve and backed legislation like the GENIUS Act. However, some analysts caution that such gestures may gain retroactive significance rather than immediately impact prices, which have continued to slide.

The bearish sentiment is further reinforced by broader market dynamics. Altcoins have outperformed Bitcoin in recent weeks, with Layer-1 protocols and DeFi tokens attracting renewed interest. Peter Schiff, a longstanding Bitcoin critic, reiterated his stance that tokenized gold is a superior store of value, arguing that Bitcoin's volatility disqualifies it as a reliable asset.

Despite the near-term pessimism, Brandt remains a "long-term bull" on Bitcoin, viewing the current downturn as a prerequisite for sustainable growth. His Q3 2029 timeline reflects a patient approach, aligning with historical patterns where prolonged corrections have preceded multi-year rallies. For now, the market remains divided, with institutional selling and macroeconomic headwinds testing the resilience of Bitcoin's most ardent supporters.