Bitcoin Poised for Next Big Run Despite Recent Pullback
Bitcoin (BTC) has had a wild ride over the past three years. In October 2025, it reached its record high of more than $126,000, but by this year, its price had plummeted to around $64,000.
The cryptocurrency's price has still managed to rise by over 120% in the past three years, despite the recent pullback. To understand where Bitcoin might be headed in the next three years, we need to examine its upcoming catalysts and challenges.
One of the key events that helped drive Bitcoin's growth was the approval of its first spot price exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) in January 2024. This allowed retail and institutional investors to buy into Bitcoin without using crypto wallets, which increased adoption and demand.
The halving of Bitcoin's mining rewards in April 2024 also played a significant role in its price increase. As more than 20 million of the cryptocurrency's maximum supply of 21 million tokens have already been mined, this reduction made it even harder to mine profitably, increasing scarcity and driving up demand.
However, not all news has been positive for Bitcoin. The Federal Reserve's decision to keep interest rates unchanged in response to rising inflation has cooled the crypto market, sending Bitcoin lower. Additionally, the passage of the CLARITY Act, which would regulate cryptocurrencies, remains stalled in the Senate, dampening investor enthusiasm.
Despite these challenges, there are several catalysts that could drive Bitcoin's price higher over the next three years. The upcoming halving event in 2028 is likely to increase scarcity and demand, while the passage of the CLARITY Act and other crypto-friendly legislation could attract more institutional investors.
The author of this article believes that these tailwinds will drive Bitcoin to new highs over the next three years, but acknowledges it will be a bumpy ride. The long-term strengths of Bitcoin, including its reputation as 'digital gold,' are expected to outweigh its near-term weaknesses.