A trader believes that cryptocurrency could reach US$250,000, but only in 2029.

Peter Brandt, a trader with over 50 years of experience, believes that Bitcoin has not yet formed a bottom and could fall below $50,000 before rising again. In addition to mentioning the neutral market sentiment, which is unusual for a bottom, he also highlights that the cryptocurrency should repeat the pattern seen in other cycles.

In the conversation with Cointelegraph, published last Saturday (18), Brandt also spoke about other topics related to Bitcoin, including Strategy, quantum computing and other cryptocurrencies.

Earlier this month, the trader said he was considering exchanging his bitcoins for gold . This is because, according to his analysis, the metal may start to outperform the cryptocurrency.

Peter Brandt claims that the Bitcoin fund will happen in October.

Very active on X, formerly Twitter, Peter Brandt points out that his technical analyses are frequently criticized by fanatical investors. As an example, he recalls that he predicted a drop when Bitcoin was above $80,000, but his followers said they would continue buying.

In his view, this would be one reason why the $60,000 region is not the bottom for cryptocurrency.

“The same people who say today that Bitcoin has already hit a bottom will, at some point, give up on it. […] I think we haven’t seen that negative sentiment yet. At the moment, the sentiment is neutral. And markets don’t bottom out with neutral sentiment. Markets bottom out with panic and volume, big trading days.”

Next, Brandt acknowledges the possibility that the $60,000 mark could actually be the bottom. However, he insists that Bitcoin will only start rising again after October.

“We could go up, then fall again, but still establish that bottom in October, whether at these current levels or plummeting completely, driving many people out of the market and going to the US$50,000 range, maybe even the high US$40,000.”

In closing, the trader points out that every major Bitcoin bear market has been marked by drops of 80%, which would mean the cryptocurrency could fall to $20,000. However, he emphasizes that Bitcoin is more mature and the drop will be smaller in this cycle.

Bitcoin could reach $250,000, but only in 2029, says Brandt.

Unlike Bitcoin critics who only predict a decline, Peter Brandt is optimistic about the long term. Comparing the cryptocurrency to gold, the trader claims that both assets will share the title of best store of value.

“I think Bitcoin will go much further. And, at this point, this is just a guess. They are guesses, obviously. Personally, I believe Bitcoin will surpass $250,000. I believe it will peak in 2029. We won't see Bitcoin peak before 2029, probably at the end of the summer of 2029. Something between $250,000 and $300,000.”

Explaining how he sees this happening, the trader points out that there is nothing more optimistic than bulls selling. In other words, these investors will buy again after the rally has started, causing the price to continue rising.

“It’s not necessarily the strong hands that cause the big price spikes. These spikes that occur during bull markets are usually caused by buyers driven by FOMO [fear of missing out]. They buy in a panic, then end up being forced out of the market, and when that happens, it’s the strong hands that come in to buy [at the bottom].”

Finally, in other parts of the conversation, Brandt also talks about the impact of American politics on Bitcoin, the risks of quantum computers, Michael Saylor, AI stocks, altcoins, and other topics.