Bitcoin was trading at $16,500 in early January 2023 but surged to an all-time high of $73,737 in mid-March 2024. The price surge came after the U.S. Securities and Exchange Commission approved a Bitcoin ETF, allowing trillions of dollars in asset managers to trade the cryptocurrency.

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The development coincided with the Bitcoin halving event in April, which caused the price of Bitcoin to surge further. Over the past five months, the king of cryptocurrencies has climbed the charts, bringing huge profits to investors.

However, BTC price retreated after the halving event and is currently trading around $62,000. Will Bitcoin fall in the coming days or spark another bull run? In this article, we will focus on where BTC is headed in the next cycle.

Is a Bitcoin bull run coming?

The price drop has investors questioning whether the cryptocurrency market will enter a bear market. Cryptocurrency analyst Marco Johanning offers his insights that Bitcoin price could surge after a brief drop. Johanning explains that the market is not in the grip of bearishness but is still in bullish territory and a slight correction is expected.

Also read: SEC Chairman Gensler calls cryptocurrencies ‘a complete fraud and scam’

“This can’t be a bear market,” Johanning explained. “These factors highlight a fundamental bias that is critical to assuming that the current decline is part of a broader bull trend. Therefore, Bitcoin will eventually find a local bottom and move higher,” he wrote on Twitter.

This prediction comes at a time when a handful of analysts are making bold price predictions for BTC. Even leading banks such as Standard Chartered have predicted that Bitcoin could surpass the $100,000 level within a year. ARK Invest’s Cathie Wood has repeatedly declared that BTC will eventually reach the $1 million mark by 2030.

At press time, BTC is trading at around $62,387, down nearly 2% in 24-hour trading. It is also down nearly 16% from its all-time high of $73,737.