Let $S$ be the center of the parallelogram $B P T Q$, and let $B^{\prime} \neq B$ be the point on the ray $B M$ such that $B M=M B^{\prime}$ (see Figure 1). It follows that $A B C B^{\prime}$ is a parallelogram. Then, $\angle A B B^{\prime}=\angle P Q M$ and $\angle B B^{\prime} A=\angle B^{\prime} B C=\angle M P Q$, and so the triangles $A B B^{\prime}$ and $M Q P$ are similar. It follows that $A M$ and $M S$ are corresponding medians in these triangles. Hence,
$$\angle S M P=\angle B^{\prime} A M=\angle B C A=\angle B T A.$$
Since $\angle A C T=\angle P B T$ and $\angle T A C=\angle T B C=\angle B T P$, the triangles $T C A$ and $P B T$ are similar. Again, as $T M$ and $P S$ are corresponding medians in these triangles, we have
$$\angle M T A=\angle T P S=\angle B Q P=\angle B M P.$$
Now we deal separately with two cases. Case 1. $\quad S$ does not lie on $B M$. Since the configuration is symmetric between $A$ and $C$, we may assume that $S$ and $A$ lie on the same side with respect to the line $B M$.
Applying (1) and (2), we get
$$\angle B M S=\angle B M P-\angle S M P=\angle M T A-\angle B T A=\angle M T B,$$
and so the triangles $B S M$ and $B M T$ are similar. We now have $B M^{2}=B S \cdot B T=B T^{2} / 2$, so $B T=\sqrt{2} B M$. Case 2. $\quad S$ lies on $B M$. It follows from (2) that $\angle B C A=\angle M T A=\angle B Q P=\angle B M P$ (see Figure 2). Thus, $P Q \| A C$ and $P M \| A T$. Hence, $B S / B M=B P / B A=B M / B T$, so $B T^{2}=2 B M^{2}$ and $B T=\sqrt{2} B M$. !
Figure 1 !
Figure 2
Comment 1. Here is another way to show that the triangles $B S M$ and $B M T$ are similar. Denote by $\Omega$ the circumcircle of the triangle $A B C$. Let $R$ be the second point of intersection of $\omega$ and $\Omega$, and let $\tau$ be the spiral similarity centered at $R$ mapping $\omega$ to $\Omega$. Then, one may show that $\tau$ maps each point $X$ on $\omega$ to a point $Y$ on $\Omega$ such that $B, X$, and $Y$ are collinear (see Figure 3). If we let $K$ and $L$ be the second points of intersection of $B M$ with $\Omega$ and of $B T$ with $\omega$, respectively, then it follows that the triangle $M K T$ is the image of $S M L$ under $\tau$. We now obtain $\angle B S M=\angle T M B$, which implies the desired result. !
Figure 3 !
Figure 4