Since hitting an all-time record price of around $126,000 in October last year, it has been a disappointing run for Bitcoin (BTC 2.25%). The world’s most valuable cryptocurrency currently trades 42% below that peak (as of April 8), as it keeps losing steam.

Here’s what the next two years could realistically look like.

Image source: Getty Images.

Bitcoin undergoes what’s called a halving roughly every four years, a critical event that cuts new supply creation in half. It’s precisely what enforces Bitcoin’s hard cap of 21 million units. And it supports the cryptocurrency’s four-year price cycles.

The next halving is set to occur in March 2028. The last one happened in April 2024. This puts us almost exactly in the middle of the two…