The bitcoin price is pulling back today and is down 2% in the past 24 hours, dipping below the $85,000 threshold. Given bitcoin’s close correlation with the equities markets lately, it could be moving lower in lockstep with stocks. Of course, this means it is not operating fully in the way it was designed as a non-correlated asset and inflation hedge for investors at the moment. Instead, it is taking its cue from a stock market that is mired in extreme fear, owing to tariffs and the risk of an economic slowdown.
President Trump was a presenter at the Digital Asset Summit in New York, saying he wants to make America the “undisputed bitcoin superpower and the crypto capital of the world.” While his comments were well received in the crypto community, they did little to lift the BTC price.
With a market cap of $1.6 trillion, bitcoin currently has a dominance rate of 60.7% over the broader crypto market with ether at a distant second at 8.6%. The bitcoin price remains a far cry from its all-time high of over $109,000 – 23% below its peak to be exact. It’s been nearly a year since the last bitcoin halving. As Jesse Myers, a Stanford MBA making slides about bitcoin, explained, it would take about 12 months from the halving “before bitcoin’s price really starts to run.” He also advises investors to “buckle up” because that time is almost here.
Crypto Market Signs
According to a report in Bitcoin Magazine, the bitcoin price could just be gearing up for its next bull market run. The pioneering crypto site sees similarities between the current bitcoin market and that of the 2017 bull market cycle, suggesting the BTC bulls could be digging in their heels. In the 2015-2017 crypto cycle, the bitcoin price climbed to $20,000 for the first time. In the 2022-2025 cycle, there are “striking similarities,” but the bitcoin price has not made any fresh all-time highs, at least not yet.
If Michael Saylor’s prediction is any indication, the bitcoin price hasn’t even scratched the surface of its potential. Saylor, the founder of tech company MicroStrategy (Nasdaq: MSTR | MSTR Price Prediction), says he could envision the bitcoin price rising to $13 million in 20 years, adding that there’s not a stock in the market that he believes would do the same.
Carl Moon of “The Moon Show” pointed out that bitcoin remains in the very early innings in terms of mainstream adoption, with a 3% adoption rate as of 2025. You could say it’s at the stage of the internet in 1990, online banking in the mid-nineties, or social media in 2025. In other words, with all of the progress bitcoin has made in terms of awareness, regulation and FOMO, it still has a long way to go.
Now What?
Whether there is a bitcoin bull market around the corner remains to be seen. For now, the bearish sentiment from the stock market appears to be holding bitcoin back. Meanwhile, the gold price has just set a fresh all-time high above $3,000 per ounce. Bitcoin is known as digital gold. If it could manage to track the precious metal’s direction rather than the S&P 500, investors could see an entirely different bitcoin market in 2025.
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