Matthew Hyland says Bitcoin may need to top $350,000 before a 70%-80% bear market hits

Crypto analyst Matthew Hyland said Bitcoin could face a deep bear market in the coming years, with a drawdown of 70% to 80%. He argued, however, that strong support in the $100,000 to $125,000 range could limit how soon such a decline can happen. In his view, Bitcoin may first need to climb to $350,000 or even higher before there is enough room for the next major correction. Hyland also said the current cycle may last eight years rather than the traditional four-year pattern often discussed in the market. He linked that view to a macro headwind environment that, according to him, has lasted twice as long as in prior cycles. Based on that timeline, he expects Bitcoin could reach its cycle top in 2028.