Peter Brandt, who has traded markets for 51 years, said he correctly called bitcoin’s most recent top within days of Oct. 4, and he is applying the same cycle logic to the current downturn. The veteran trader discussed his outlook during a 32-minute interview on Cointelegraph’s Trade Secrets, with show host Ciaran Lyons. Bitcoin hit an all-time high of more than $126,000 on Oct. 6, 2025, before falling into the bear market that has followed.

During the discussion, Brandt pointed to what he calls the “banana model,” a recurring pattern of highs and lows he says has repeated closely across bitcoin’s trading history. He said the asset could see a bounce of roughly $10,000 along the way down before resuming its decline into the $40,000 zone.

Every major bitcoin bear market since inception has produced a correction of 80% or more, according to Brandt. He does not expect that pattern to repeat this time, arguing bitcoin has matured enough to avoid its past downside extremes.

Brandt said markets do not bottom on neutral sentiment. He argued the shift will come when longtime holders abandon the asset entirely.

“Anyone who thinks bitcoin should be in a bull market right now is not paying attention to the big cyclic nature of bitcoin,” Brandt stressed.

He described the bottom as arriving once retail longs capitulate, rather than through a single event like a Michael Saylor liquidation. Brandt said Strategy’s average purchase price is well below current levels, and forced selling would more likely come from retail investors giving up than from Saylor himself.

Despite his short-term bearish call, Brandt remains structurally bullish long-term. He argues BTC’s role is not so much transactional, but as a place to hold wealth over time. Brandt stressed:

“Bitcoin is a superior store of value.”

He puts bitcoin alongside gold as a long-term store of value and said he expects the two assets to eventually share that title. Brandt said his 2029 target reflects that view.

“I personally think bitcoin goes above $250,000. I think bitcoin tops then in 2029,” Brandt explained, adding that a top likely arrives in late summer of that year, in the $250,000 to $300,000 range.

Brandt dismissed concerns that a shift toward anti-crypto U.S. policy would derail bitcoin’s longer cycle. He said bitcoin actually rose during past periods of government hostility and fell during a pro-crypto administration, and he expects markets to find their own equilibrium regardless of political shifts.

He named quantum computing as the more serious long-term threat, not because of a direct hack on the Bitcoin protocol, but because new technology could reshape how value is transacted and stored altogether.

While some traders point to 2030 for a $1 million bitcoin, Brandt pushed that timeline back. He told Lyons that he expects that level in 2031 or 2032, and that 2030 is more likely to fall within a bear market rather than a peak.

Asked how he would split $10,000 across bitcoin, gold and silver, Brandt said he would build the position gradually as prices fall, rather than deploying it all at once. He called silver in the mid-$50s and gold under $4,000 attractive entry points and said he would treat the allocation as a multi-generational holding.

Brandt also weighed in on capital rotation away from crypto and into artificial intelligence (AI) stocks. He compared current AI valuations to the dot-com bubble of 2000 and said he expects that bubble to eventually pop, even as it could grow larger before it does.

On altcoins, Brandt said he expects a possible minor altcoin season through the summer, but reiterated his long-held view that bitcoin remains the only true store-of-value asset in crypto, with most other tokens likely to lose value over time.

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