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Cardano (ADA) founder Charles Hoskinson previously projected that the Bitcoin price could reach an impressive price of $250,000 as early as this year. This bold forecast, made in April, came at a time when Bitcoin was trading at $77,000 after achieving a record high of $109,000 in January.
Hoskinson’s Optimistic Bitcoin Price Forecast
Hoskinson’s optimism was based on his belief that international negotiations, particularly between the US and China, would favor Bitcoin’s growth.
The Cardano founder suggested that easing tariffs would lead to a positive market reaction and bolster adoption, particularly with the anticipated passage of the GENIUS Act, which was signed into law by President Trump a few months later.
However, the current market realities have raised doubts about Hoskinson’s prediction. Since then, Bitcoin has experienced significant fluctuations, briefly regaining momentum to reach $126,000 mid-October, only to see the broader crypto market subsequently shed over $1 trillion in total market cap.
This downturn has largely been attributed to persistent selling pressure by concerned investors, and substantial outflows from the Bitcoin exchange-traded fund (ETF) sector, with nearly $2 billion sold over since October.
As it stands, Bitcoin is trading at approximately $89,300, marking a nearly 30% decline from its recently achieved all-time highs. In light of this, Jacob King, CEO of Swandesk, publicly dismissed Hoskinson’s $250,000 price target, characterizing it as unrealistic.
Is Bitcoin In A New Bear Market Cycle?
In a post on social media platform X (formerly Twitter), King stated that such lofty price predictions are “pulled out of thin air” and reflect a market still grappling with “delusions.” King elaborated on his viewpoint, suggesting that the industry is in the early stages of a new bear market cycle.
He is not alone in this assessment. Market expert Lark Davis recently noted that, based on the classic four-year Bitcoin price cycle, the cryptocurrency has officially entered bear market territory.
Davis commented that this scenario leaves two possibilities: either the established four-year cycle is no longer relevant, or the market has indeed shifted into a bearish phase. Given the current macroeconomic backdrop, he leans toward the latter interpretation.
Additionally, others in the market have echoed these bearish sentiments. An analyst known as Mr. Wall Street has recently speculated that the Bitcoin price peaked at $126,000.
The analyst believes that this may mark the zenith for this cycle, predicting that the Bitcoin price could next face significant downward pressure, potentially slipping to a range between $74,000 and $82,000. He further forecasts a possible decline to levels between $54,000 and $60,000 by the fourth quarter of 2026.
Featured image from DALL-E, chart from TradingView.com
