The cryptocurrency market has struggled to gain momentum for most of this year. Bitcoin (BTC) rose to an all-time high of $108,786 on Jan. 20. Since its January peak, the original crypto has failed to regain the same momentum.

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Cryptocurrencies Fall Despite Bullish Developments

The global crypto market cap has dipped 6% in the last 24 hours to $2.8 trillion. Bitcoin (BTC) is trading just above the $82,000 mark. BTC’s price has fallen 4% in the daily charts, 11.7% in the weekly charts, 13.9% in the 14-day charts, and 14.3% over the previous month. Despite the dip, BTC has maintained an 18.6% growth since March 2024.

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The latest market dip comes after the US announced sanctions on several of its allies. The US announced taxes on the European Union (EU). The EU said it would retaliate with similar tariffs on the US. The US earlier announced tariffs on Canada and Mexico. The development has led to a significant dip in investor sentiment. Bitcoin (BTC) has faced one of its most substantial price corrections in recent times.

Bitcoin Predicted To Hit New All-Time High Of $128,000

According to prominent cryptocurrency analyst Ali Martinez, BTC could hit a new all-time high of $128,000 if it can reclaim the $84,000 mark as support. BTC’s price will rally by 55.41% if it hits the $128,000 mark.

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CoinCodex also presents a bullish forecast for Bitcoin (BTC). The platform anticipates BTC to pick up momentum over the coming months. CoinCodex predicts BTC will hit the $128,000 mark by early May 2025. The platform further anticipates BTC to hit $157,131 on June 7. BTC’s price will rally by 90.78% if it hits the $157,131 target.