Veteran trader Peter Brandt said there is a "very good chance" Bitcoin reaches approximately $500,000 during the next major bull cycle, while outlining a broader potential peak range of roughly $300,000 to $600,000 by late 2029.

Brandt, a classical chartist who spent decades in commodities markets before becoming a prominent Bitcoin analyst, is known for long-range cycle calls grounded in chart patterns rather than short-term price action.

At the current price near $84,700, a move to $500,000 would represent an almost sixfold increase, while the top of Brandt's range would imply a gain of more than 600%.

The forecast slightly expands on Brandt's earlier cycle model, which pointed to a $300,000–$500,000 peak around September or October 2029 if Bitcoin continues to follow its historical four-year rhythm. That rhythm refers to Bitcoin's halvings — preprogrammed events, roughly every four years, that cut the reward miners receive for adding new blocks, and with it the pace of new supply, in half. The 2012, 2016, 2020, and 2024 halvings have each been followed by periods that many analysts treat as full market cycles.

A Cycle Call, Not a Near-Term Forecast

The key distinction is timing. Brandt is not arguing that Bitcoin is about to jump from $84,000 to $500,000. His thesis is built around the next halving cycle, with the next Bitcoin halving expected in 2028 and the potential cycle peak arriving in 2029. He has also said Bitcoin could still experience meaningful pullbacks before that happens.

That makes the near-term chart much more relevant. Bitcoin recently broke above $87,000 before settling back around $84,000. The next immediate resistance remains roughly $88,000–$90,000, while the $80,000–$81,000 region has become an important support area after the latest breakout. For readers tracking the call, those two zones — alongside the 2028 halving — offer concrete checkpoints for whether price action stays consistent with the bullish long-term framing.

CryptoQuant's Bull Signal Points in the Same Direction

Brandt's long-term forecast arrives just as several on-chain indicators turn bullish again. A recent CryptoQuant Bitcoin analysis says Bitcoin has moved back into a confirmed bull-market regime after closing above its 365-day moving average for the first time since March 2023. The 365-day moving average is one of the longest trend gauges analysts watch, and a close above it is widely read as a signal that an uptrend has durability rather than being a short-lived rebound.

CryptoQuant founder Ki Young Ju said this cycle could produce roughly 3x to 5x gains, arguing that stronger institutional participation may reduce both the size of future rallies and the severity of subsequent crashes. The institutional participation he points to has grown markedly in recent years, with spot Bitcoin ETFs and corporate treasuries joining retail traders as significant holders of the asset.