Despite Bitcoin‘s climb to an all-time peak of $73,700 on March 13th, analysts suggest a market correction may be on the horizon as the next halving approaches in April. Historical patterns indicate potential signs of overheating in the market, which could lead to a notable decrease in Bitcoin’s price, similar to the pre-halving corrections in 2016 and 2020.
Market Analysts Predict Potential Bitcoin Pullback
Industry expert Rekt Capital anticipates a possible downturn stretching up to 77 days, although the extent of the decline might be less severe compared to previous cycles. Rekt Capital points out that Bitcoin already underwent pullbacks of 18% in January and 14% in early March, hinting that any upcoming correction could be milder.
Ecoinometrics, analyzing data up to March 12th, notes that Bitcoin has not aligned with the growth trajectories seen in past halving cycles. In an ideal scenario mirroring previous trends, Bitcoin’s value would range between $100,000 and $300,000. Despite this, the present market activity has potential for expansion, with the past peak price possibly serving as a springboard for future growth.
Investment Firm Foresees Bitcoin Price Surge
Asset management company Bernstein, in a client advisory dated March 11th, projects Bitcoin’s value to hit approximately $150,000 by mid-2025 post-halving. Analysts Gautam Chhugani and Mahika Sapra expect a price boom due to the halving event’s impact. They attribute their confidence to the escalating interest in spot Bitcoin exchange-traded funds (ETFs), which have seen significant inflows since their January launch, exceeding $9.5 billion within 40 trading days.
Bernstein’s analysts predict an influx of $10 billion in 2024 and $60 billion in 2025 for Bitcoin ETFs, reinforcing their bullish stance on the cryptocurrency‘s future value post-halving.