Bitcoin Declared in Bull Market with $250k Target by 2029
Analyst Bo Pei at U.S. Tiger Securities says Bitcoin has entered a new bull-market regime, setting a $250,000 cycle target to be reached by 2029 or earlier.
The shift into a bull market was confirmed after Bitcoin recovered above key investor cost bases and broke through the firm's earlier 'late-bear-market' assessment from July. The recovery was accompanied by renewed exchange-traded fund (ETF) demand, with $4.20 billion in net inflows recorded from August 17 to September 21.
Pei noted that expected policy headwinds failed to break Bitcoin's uptrend, and the subsequent recovery cleared Bitcoin's May high of $82,814, bringing gains from the July trough to 49.1%. The analyst attributed this resilience to a limited rate-hiking cycle, which leaves its longer-term fiscal thesis intact.