Explain what Jesus meant by ''Who do you say that I am?" in Mark 8:29 from The Bible.

This section of Mark's Gospel is actually very important
structurally, as it forms the centre of the middle block of this Gospel before Jesus
proceeds to Jerusalem. Coming thus at the literary heart of the Gospel it is vitally
important that, having been with Jesus since the start of his ministry, the disciples
have a chance to display how much they have been watching, listening, and above all
understanding what Jesus has been doing and saying about himself. The question that you
have quoted prompts Peter to give his firm declaration about the identity of Jesus. Note
how he responds in Mark 8:29:

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Peter answered, "You are the
Christ."

He is the one
disciple who is able to see past all the rumours and speculation surrounding Jesus to be
able to defiantely state his belief that Jesus is the Messiah, the Christ, the long
awaited Son of God sent to save God's people. This episode also signals a transition in
the teaching that he gives to his disciples. After Peter's declaration, he begins to
talk a lot more about the exact nature of what he will suffer in Mark 8:31 and onwards,
giving rise to one of the most powerful verses in this
gospel:

"If
anyone would come after me, he must deny himself and take up his cross and follow me."
(Mark 8:34)

Thus the question
you have quoted marks a crucial transition in the Gospel of Mark and indicates the
increasing understanding of at least one of the disciples as to the identity and purpose
of Jesus.