2024 started with significant momentum for cryptocurrencies like Bitcoin (BTC). However, the price of Bitcoin has been on a slow downtrend since hitting $73,737 highs in March, and some crypto spectators are wondering whether the bull market is over.
As of September 9, BTC is trading hands for $55,567, with a market cap of $1.07 trillion, representing a paltry 0.1% loss in the last 24 hours, miserably down by 7.1% over the previous week and a 9.8% decline in the last one month.
However, IntoTheBlock expects a brighter future for Bitcoin. Analysts at the crypto analytics firm predict that the maiden cryptocurrency could peak in 2025. The analysis is grounded in the halving cycles, with the recent halving occurring earlier this year.
Bitcoin Down 12% From April Halving Price
In a Sept. 7 X post, IntoTheBlock analysts told their followers that the current cycle marks a 12 percent decline from its quadrennial halving price of $63,900.
Bitcoin mining reward halving is a pre-programmed code that takes effect every four years or after 210,000 blocks are mined on the blockchain. The quadrennial event slashes the reward miners receive for validating transactions by half.
The main goal is to control the Bitcoin supply and ensure its scarcity, unlike fiat currencies that have ever-growing supplies. Bitcoin has a fixed supply of 21 million, and reward halving helps to regulate how fast that limit is hit.
According to IntoTheBlock, the average duration between Bitcoin’s halving events and the subsequent peak is approximately 480 days. The previous halvings paved the way for astronomical rallies to new record highs. The fourth Bitcoin halving in April reduced the new BTC issuance rate to 3.125 BTC every 10 minutes.
This historical pattern puts the next expected peak in the summer of 2025, IntoTheBlock observed.
Notably, price predictions from market pundits vary wildly, with some saying Bitcoin could hit the lofty $250,000 threshold post-halving or rally above a staggering $500,000 by October 2025.
Bitcoin On The Verge Of “Biggest Bull Cycle”
Meanwhile, widely followed analyst Michaël van de Poppe has boldly predicted that Bitcoin is due for “final corrections” despite impending favorable macroeconomic conditions before enjoying a face-melting bull rally in the next two years:
“Liquidity was taken & Bitcoin is back up to $54.8K. Expect a max of $55.5K on this run and then we could be revisiting $53K before clearly breaking back upwards. Final corrections & then 2 years bull.”
Van de Poppe further noted that Bitcoin is repeating 2019 behavior in contrast to the S&P 500, suggesting that the crypto is currently in the early innings of a mega bull run.
“We can also see that there’s been a significant correction taking place on the markets, which is likely coming to an end, just like the correction in 2019 landed at $6K, we’re likely landing at $45-50K on Bitcoin,” the crypto entrepreneur summarized.
“From that perspective, with the upcoming rate cuts from the FED, the weakening economy, and the global liquidity being increased in China, it seems almost inevitable that we’re actually at the edge of the biggest bull cycle ever.”
Bottom Line
Among the numerous predictions on Bitcoin, the bottom line remains that it has encountered multiple downturns and has emerged stronger than before each time. The flagship crypto’s resilient nature instills confidence in investors.
Only time can tell whether Bitcoin will skyrocket to new lifetime highs as the historical price trend holds up or experiences further hurdles.
