Bitcoin May Reach $300,000 to $500,000 by 2029, 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 expects Bitcoin’s next cycle top to fall within that range. Bernstein analyst Gautam Chhugani also projects Bitcoin could reach $500,000 by 2029, citing a surge in demand for spot exchange-traded funds.

The argument is based on Bitcoin’s four-year halving cycle. A halving is an event that cuts the mining reward per block in half about every four years, with the next halving scheduled for April 2028. Historically, Bitcoin has bottomed about 18 months before a halving and then begun to rise. It has also formed cycle peaks 16 to 18 months after the event. If that pattern continues, the next cycle top would arrive in 2029.

Still, critics note that returns at each cycle peak have been steadily shrinking. Bitcoin peaked at $266 in 2013, then rose to about $20,000 in 2017, roughly 75 times the previous high. It later reached about $69,000 in 2021, a 3.5-fold gain, and $126,000 in 2025, just 1.8 times the prior peak. For Bitcoin to top $300,000, it would need to more than double from its 2025 high, a move that runs counter to the recent slowdown in cycle returns.

The maturing Bitcoin market is cited as a key reason for the weaker returns. As institutional risk-management tools such as spot ETFs, futures and options, volatility products and structured products have expanded, Bitcoin’s volatility has naturally declined.