Bitcoin Bull Market Underway with $250,000 Target by 2029

Bitcoin has entered a new bull-market regime, according to analyst Bo Pei of U.S. Tiger Securities, who maintains a Buy rating and sets a $250,000 cycle target for Bitcoin to be reached by 2029 or earlier.

The shift builds on higher lows, higher highs, and a recovery above key investor cost bases, moving past the firm's earlier 'late-bear-market' assessment from July. The analyst notes that renewed ETF buying has added evidence that demand is recovering alongside price.

Pei said expected policy headwinds failed to break Bitcoin's uptrend, with the Clarity Act setback and the Federal Reserve's 25-basis-point rate hike being largely anticipated. Bitcoin's policy-week drawdown was 5.9%, while its lowest price in the 24 hours following the Fed decision was just 1.0% below the pre-decision level.

The subsequent recovery cleared Bitcoin's May high of $82,814, bringing gains from the July trough to 49.1%. The September cost-basis recovery has been accompanied by renewed exchange-traded fund demand, with ETFs attracting $4.20 billion in net inflows from August 17 through September 21.