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.
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.
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.
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.
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
