Peter Brandt s Bullish Bitcoin Forecast Amid Current Downturn
Veteran trader Peter Brandt has reiterated his long-term bullish outlook on Bitcoin BTC , projecting it could reach 200,000 by Q3 2029 despite the recent price decline that has wiped out all of the cryptocurrency s gains for 2025. In a post on X on November 21, Brandt stated that the current market downturn is actually beneficial for Bitcoin, saying it is the
best thing that could happen to bitcoin.
This optimistic view comes as Bitcoin s price has significantly dropped in recent weeks, leading to fears that the bull rally may be over. On November 21, BTC fell to 80,537, a decline of over 10 for the week and reducing its market capitalization to 1.67 trillion. Analysts attribute this drop to large outflows from spot Bitcoin ETFs and the collapse of the macro narrative that had supported its rally earlier this year.
With BTC now more than 30 below its October peak of 126,080, many investors are panicking and selling their holdings. However, Brandt questions the logic of this approach, pointing out that those who sell now may find themselves needing to buy back in at higher prices later. He remarked on the
strange thing market psychology
where stranded BTC holders say they will bail out at the next cycle top, but
the problem is that they will be buyers, not sellers, at the next market top.
Brandt also took the opportunity to reiterate his criticisms of Michael Saylor and his company MicroStrategy MSTR regarding their BTC accumulation strategy. He warned that if BTC continues to decline, MSTR may be forced to sell its holdings, which could create additional selling pressure on the market. When questioned about the likelihood of liquidation due to MSTR not having margin loans backed by BTC, Brandt pointed out the company s debt levels in relation to its assets. He stated,
MSTR has debt to own assets. Assets are wealth. Wealth can only be turned into money when sold. His debt and BTCs represent huge supply over the market. Don t be fooled.