The cryptocurrency market remains in a depressive flat, discouraging brokers and traders. Analysts' forecasts range from iridescent promises of soon-to-be "to the Moon" to the approaching collapse predictions.

Bitcoin is one of the biggest bubbles in history, believe analysts at Bank of America Merrill Lynch (BAML). The team of researchers led by Chief Investment Strategist Michael Hartnett wrote in a note, that the cryptocurrency bubble is already bursting.

They compared the bitcoin price and the rate of other assets known as financial pyramids, like the Mississippi and the South Sea Companies of the 18th century, the US stock market in 1929 and tulips in the Netherlands in 1637. The conclusion was disappointing - bitcoin entered the stage of gradual decline.

The BAML diagram shows the entire life cycle of financial bubbles from the growth phase to their death, when the asset price falls well below the maximum value.

The same opinion is shared by analysts of Barclays. They went as far as comparing cryptocurrencies to an ordinary flu. According to them, all cryptocurrency investors can be divided into three groups, susceptible, infected and immune.

In their letter, the analysts led by Joseph Abate in the New York office of Barclays tried to build a pricing model for valuing an asset based on laws of epidemiology.

"As more of the population become potential buyers, the share of the population is becoming potential buyers ('recoveries') increases. Eventually, this leads to a plateauing of prices, and progressively, as random shocks to the larger supply population. That induces speculative selling pressure as price declines are projected forward exponentially, "they wrote in a recent letter to clients.

According to them, this leads to a situation when orders for sale overtop orders for purchase and, as a result, to an exponential price reduction.

For those who do not agree that bitcoin is a bubble, there is another outlook. In the second quarter, the price of bitcoin will start to grow, said Brian Kelly, BK Capital Management co-founder and cryptotrader. First, in mid-April, the period for filing tax declarations in the United States ends. Secondly, the online broker Monex agreed to purchase the Tokyo-based cryptocurrency exchange Coincheck. This will increase the credibility of crypto market and lead to “massive, massive sentiment shift.”

“It’s a massive confidence boost; you now have a regulated public company in Japan buying into a crypto exchange,” Brian Kelly, CEO of BK Capital Management, told CNBC.

Thirdly, the current recession is seasonal. March is a historically depressive month for the cryptocurrency. According to Fundstrat, over the past seven years, the bitcoin price demonstrated growth in Marcj only once, in 2013.

Co-founder of Fundstrat Tom Lee expects the bitcoin rate to grow to $20,000 by mid-2018. By the end of the year, the cryptocurrency may rise in price to $25,000, Lee said, who is known for his optimism in regard to crypto market.

The most optimistic forecast was shared by crypto enthusiast and cyber security legend John McAfee, who already promised to eat his penis if bitcoin does not reach million dollars in price.

On 4 April, he wrote that he was confident that by the end of 2020, bitcoin would rise in price to $3 million.