Bitcoin News Today: Healthy Selloff or Ominous Sign? Bitcoin's 2029 Outlook

Bitcoin's recent plunge below $90,000 has reignited debates over its long-term trajectory, with veteran trader Peter Brandt forecasting a wait until Q3 2029 for the cryptocurrency to reach $200,000. This stark timeline contrasts with more aggressive predictions from figures like Cathie Wood and Brian Armstrong, who envision Bitcoin hitting $1 million by 2030. Brandt, a long-term bull, called the current selloff a "healthy development" but emphasized it could take years for the asset to recover its lost momentum.

The price action since October has been volatile, with Bitcoin shedding over 30% from its October high of $126,250. On Nov. 17, it briefly dipped below $90,000 for the first time in seven months, triggering widespread liquidations and wiping nearly $1 trillion from the crypto market. Analysts attribute the downturn to a confluence of factors: macroeconomic uncertainty, dwindling expectations of a Fed rate cut, and aggressive trading strategies by institutional players. "Bitcoin is increasingly driven by macro moves," said Nic Puckrin of Coin Bureau, noting that older Bitcoin holders ("OGs") have been offloading large positions, exacerbating the sell-off.

Institutional adoption, once a pillar of Bitcoin's 2025 rally, has also faltered. Spot Bitcoin ETFs have seen $1.9 billion in outflows over four consecutive days, led by BlackRock's IBIT, which lost $145.5 million in redemptions alone. Meanwhile, the Bitcoin Policy Institute's endorsement of the Bitcoin for America Act-allowing tax payments in BTC-signals legislative support for broader adoption, though it remains unclear how this will stabilize prices.

Technical analysis paints a mixed picture. The total crypto market cap has corrected 26% from its $4.27 trillion peak, hovering near $3.13 trillion. Bitcoin's daily chart shows a breakdown below key support levels, with some analysts warning of a potential test of the April 2025 low of $74,425. However, others argue that current drawdowns mirror historical patterns, offering buying opportunities. "Bitcoin often dips below the realized price of the year, and these periods tend to be good entry points," noted a report from Coindesk.

Political developments add another layer of complexity. House Budget Committee member Brandon Gill has continued accumulating Bitcoin, now holding $2.6 million in the asset, despite the selloff. His strategy underscores growing political engagement with crypto, even as market volatility persists.

The path forward remains uncertain. While some experts like Vetle Lunde of K33 predict a rebound once Bitcoin bottoms out between $84,000 and $86,000, others caution that macroeconomic headwinds-particularly around the Fed's policy trajectory-could prolong the downturn. "Markets are essentially flying blind," said James Butterfill of CoinShares, highlighting the lack of clear direction amid thin data releases.

As the crypto market grapples with its worst Q4 performance in memory, the interplay between institutional behavior, regulatory shifts, and macroeconomic forces will likely dictate Bitcoin's next move. For now, patience appears to be the watchword for long-term bulls.