Veteran trader Peter Brandt predicts a peak between $300,000 and $500,000. Bernstein analysts Gautam Chhugani and Mahika Sapra expect prices to reach $500,000 by 2029, citing growing demand for spot exchange-traded funds (ETFs).
Reality check
However, even though four-year cycles have consistently produced new all-time highs, the reality of this cycle is different.
As Bitcoin grows, matures and gains value, it takes a lot more capital to push it to a significantly higher level. The history of cycle peaks proves it:
- 2013: $266
- 2017: almost ~$20,000 (75 times the previous high)
- 2021: ~$69,000 (3.5x compared to 2017)
- 2025: $126,000 (only 1.8x compared to 2021)
This means that bull runs become more stable, with gains more measured than moonshot gains. If this trend continues, the next high could be well below the predicted levels of $300,000 to $500,000. (A rally to $300,000 or more requires more than a 2x jump from the 2025 high)
This is not necessarily bad news, however.
As stated previously, as the asset increases, the more capital is required to raise it. And with market institutionalization and an ever-expanding range of advanced risk management products, such as Bitcoin ETF futures, options, volatility betting, arbitrage funds, and structured products with embedded options, BTC is naturally becoming less volatile and more like Wall Street.
