Analysts at financial services firm Stifel forecast that Bitcoin's price may decline to approximately $38,000, according to a report by CoinDesk. This projection is based on a long-term trend line connecting Bitcoin's major bear market lows since 2010. The report highlights a shift in Bitcoin's correlation with the US dollar and global money supply, noting a positive correlation with the US dollar and an increasing link to the Nasdaq index and growth stocks. Despite the Federal Reserve's interest rate cuts in 2025, its hawkish stance and rising borrowing costs for technology companies could tighten financial conditions, potentially exerting further pressure on Bitcoin's market value.