According to a Cointelegraph report, the Bitcoin price model tied to halving events is losing traction as new supply enters circulation. Grayscale notes that the relative impact of each halving has diminished as the market expands. The regime has shifted from early retail-driven cycles to one where institutional capital dominates liquidity and price discovery, elevating the role of macro factors in price dynamics.

Today, the market is steered more by institutional investors than by retail speculation, producing a more controlled rally versus 2013 or 2017. Grayscale suggests a roughly 30% pullback is consistent with a standard bull market correction. As interest rate expectations move, progress on bipartisan crypto regulation in the U.S., and ongoing Bitcoin adoption within portfolios shape demand, price action remains data- and policy-driven.