Bitcoinโs long-term price outlook is a major talking point, with veteran trader Peter Brandt recently floating a bold timeline for when the leading cryptocurrency could hit $250,000. The comment came in response to a chart shared on X by NBA legend Scottie Pippen, who showed how Bitcoinโs current structure looks familiar. Brandt not only agreed with Pippen, he also attached a projection that points to a specific year for a when the Bitcoin price will eventually trade above $250,000.
Power Law Projection Points To 2029 Breakout
According to veteran financial analyst Peter Brandt, Bitcoin is on track to setting off to $250,000-plus by late 2029. He only noted this with a simple sentence, but the projection to $250,000 is visible in the weekly candlestick price chart he shared alongside his prediction.
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The chart shared by Brandt shows Bitcoin trading within a broad upward-sloping channel that has defined its macrostructure for over a decade. The lower boundary, highlighted in green, appears to act as a recurring support zone during major consolidations. The upper red band connects the different peaks over the years.
The current structure is playing out in a way where Bitcoin has been trending downwards after a strong multi-year advance that peaked in late 2025. Brandtโs projection extends the channel forward into 2029, where the middle band of the channel intersects near the $250,000 price level.ย
$250,000 is a recurring Bitcoin price target among crypto participants, although the predictions have different timelines as to when Bitcoin will reach this price level. For instance, Fundstratโs Tom Lee is also of the notion that Bitcoin will trade at $250,000 soon, although this came with a warning. Analysts at Galaxy Digital have also floated the same target, although on a faster timeline around 2027. That projection, however, came with expectations of an unstable 2026 before any strong rally.
Scottie Pippenโs 2020 Comparison
Brandtโs forecast was triggered by Scottie Pippenโs post comparing Bitcoinโs current setup to its 2020 structure. In Pippenโs side-by-side chart comparison, the left panel shows Bitcoinโs CME Futures in mid-2020 forming a base before launching into the rally that culminated in the 2021 highs.
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The right panel, which shows current price action in 2026, depicts a similar consolidation pattern above a green support zone. The visual comparison suggests that Bitcoin is now in a comparable pre-breakout phase like it was in 2020.
In 2020, Bitcoin consolidated for months before breaking into a parabolic move. As such, although the long-term view is bullish, thereโs a high probability that Bitcoin will continue to consolidate around its current price level before going on an aggressive 2021-style rally. At the time of writing, Bitcoin is consolidating below $70,000. The leading cryptocurrency is currently trading at $66,150, having lost 1.8% of its value in the past 24 hours.
Featured image from Pixabay, chart from Tradingview.com
