Since the last halving in 2020, the price of Bitcoin has increased by approximately 658%. If this trend continues, Bitcoin could potentially reach $435,000 by 2028. However, some analysts say the diminishing yield suggests a more conservative target of $303,600.

Quantum analyst PlanB, known for its stock-to-flow model, believes Bitcoin will see a 660% surge from current prices and a market cycle top of $500,000 in 2025. He warns that the rise will likely be accompanied by several corrections of 20-30%, which he considers normal market behavior.

Despite the current pullback, many experts remain optimistic about Bitcoin's long-term prospects. Crypto market analyst George Tung suggests that the current decline may be caused by institutional investors bracing for a doubling in prices. He notes that sentiment during the current pullback is similar to that seen during Bitcoin's last bull run.

Tung also notes that Bitcoin's price action tends to "rhyme" with previous market cycles, and he expects the halving event to trigger a significant breakout in the near future. Unlike the 2020 bull run, which saw Bitcoin's price rise from $17,000 to $64,000 in a matter of months, Tung believes the next significant price increase will come soon after the halving.

As the crypto community eagerly awaits the upcoming halving, it remains to be seen how the price of Bitcoin will react. While historical data and expert analysis suggest significant growth on the horizon, the inherent volatility of the cryptocurrency market means investors should remain cautious and be prepared for possible corrections along the way.

Despite the short-term fluctuations, many analysts remain confident in Bitcoin's long-term potential as a store of value and protection for their savings.