Bitcoin Targets $300,000 by 2029 in Next Cycle, Analysts Say

Bitcoin's next market-cycle peak could come in a range of $300,000 to $500,000, according to a new forecast.

CoinDesk reported on July 10 that veteran trader Peter Brandt sees Bitcoin reaching a cycle top between $300,000 and $500,000. Bernstein analyst Gautam Chhugani also projects Bitcoin could rise to $500,000 by 2029, citing a sharp increase in demand for spot exchange-traded funds.

The bullish case centers on Bitcoin's four-year halving cycle. A halving is an event that cuts the mining reward per block in half roughly every four years, and the next halving is scheduled for April 2028. In past cycles, Bitcoin hit a bottom about 18 months before a halving and began climbing, then reached a peak 16 to 18 months afterward. If that pattern repeats, the next cycle high would arrive in 2029.

Still, the peak multiple in each cycle has steadily declined. Bitcoin topped out at $266 in 2013 and then rose to about $20,000 in 2017, roughly 75 times the previous peak. Its 2021 high was about $69,000, or 3.5 times the prior top. The 2025 peak reached $126,000, just 1.8 times the previous high. For Bitcoin to exceed $300,000, it would need to gain more than twofold from the 2025 peak, a move that runs counter to the recent slowdown in cycle returns.

A maturing Bitcoin market is cited as a key reason returns have moderated. The expansion of institutional risk-management tools — including spot ETFs, futures and options, volatility products and structured products — has naturally reduced Bitcoin's volatility.