The long term of Bitcoin price prospects are an important topic of discussion, with veteran trader Peter Brandt recently putting forward a bold timeline for when the leading cryptocurrency could reach $250,000. The comment came in response to a chart shared on X by NBA legend Scottie Pippen, which showed what Bitcoin’s current structure looks familiar to. Not only did Brandt agree with Pippen, he also added a projection pointing to a specific year when the Bitcoin price will eventually rise above $250,000.
Power law projection points to an outbreak in 2029
According to veteran financial analyst Peter Brandt, Bitcoin is on track to reach $250,000 or more by the end of 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 graph shared by Brandt shows Bitcoin trading within a broad upward sloping channel that has defined the macro structure for over a decade. The lower bound, highlighted in green, appears to act as a recurring support zone during major consolidations. The top red band connects the different peaks over the years.
The current structure is developing in a manner where Bitcoin is trending down after a strong multi-year advance that peaked in late 2025. Brandt’s projection extends the channel into 2029, where the middle band of the channel crosses near the $250,000 price level.
$250,000 is a recurring Bitcoin price target among crypto participants, although predictions have different timelines on when Bitcoin will reach this price level. For example, Fundstrat’s Tom Lee also believes that Bitcoin will soon trade at $250,000, although this came with a warning. Analysts at Galaxy Digital have also suggested the same goal: albeit on a faster timeline around 2027. However, that projection came with the expectation of an unstable 2026 before a strong rally would occur.
Scottie Pippen’s 2020 comparison
Brandt’s prediction was prompted by Scottie Pippen’s post comparing Bitcoin’s current setup to its 2020 structure. In Pippen’s side-by-side chart comparison, the left panel shows Bitcoin’s mid-2020 CME futures forming a base before entering the rally that culminated in the 2021 highs.
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The right panel, showing current price action through 2026, shows a similar consolidation pattern above a green support zone. The visual comparison suggests that Bitcoin is now in a similar pre-breakout phase as it was in 2020.
In 2020, Bitcoin consolidated for months before making a parabolic move. Although the long-term view is bullish, there is a good chance that Bitcoin will continue to consolidate around the current price level, before starting 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, lost 1.8% of its value the past 24 hours.
Featured image from Pixabay, chart from Tradingview.com