Table of Contents:
Peter Brandt Predicts Bitcoin to Reach $250,000 After Market Bottom
Veteran trader Peter Brandt forecasts that Bitcoin could reach $250,000 by the end of 2029, but only after a prolonged bottoming process that may last until September 2026. His outlook is based on the historical four-year Bitcoin halving cycle, where bull markets typically peak 16 to 18 months after a halving and find their bottom about a year after the peak.
Brandt's prediction contrasts with analysts who believe the bear market ended in February. He emphasizes that he will adjust his forecast if Bitcoin's price action deviates from historical patterns. Currently, Bitcoin is priced at $79,854.07, and Brandt suggests that the market could experience a rally followed by sideways or downward consolidation before reaching the anticipated high.
Get $500 free Bitcoin mining for a free testing phase:
- Real daily rewards
- 1 full month of testing
- No strings attached
If you choose to buy after testing, you can keep your mining rewards and receive up to 20% bonus on top.
"As long as the market adheres to the intended scenario, I will stick to my predictions. Should the price action deviate from the script, I will be forced to reassess my entire outlook," Brandt stated.
Key Takeaway: Peter Brandt expects Bitcoin to hit $250,000 by 2029, contingent on historical market patterns continuing.
Bitcoin Difficulty Decreases by 2.3% Amid Falling Hashrate
This week, the Bitcoin network experienced its second consecutive difficulty decrease, with a drop of 2.3% on May 1, following a 2.43% decline on April 17. The hashrate has also fallen below the 1 Zettahash per second (ZH/s) threshold, leading to extended block times.
In the past week, Foundry USA mined 31.51% of 987 blocks, with Antpool and ViaBTC contributing to a combined total of 58.35% from the top three mining pools. The hash price increased to $37.52 per Petahash per second (PH/s), while average block times reached 10 minutes and 28 seconds.
Key Takeaway: Bitcoin's difficulty has decreased by 2.3%, and the hashrate is now below 1 ZH/s, indicating a challenging environment for miners.
Sources:
