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Can Bitcoin Reach $1,000,000 by 2025? – Forbes Advisor INDIA
2024 has started with a significant momentum for cryptocurrencies as Bitcoin AND Etherealsparking excitement among cryptocurrency enthusiasts. As of July 9, 2024, BTC is trading at $57,400, with a market cap of $1.13 trillion, representing a 0.41% increase in the last 24 hours, down a miserable 8.16% in the previous seven days, and a 17.18% decline in the last month.
BTC, the leading cryptocurrency, has been through a tumultuous period, losing about 65% of its market value over the past year. Crypto enthusiasts have been left reeling by unexpected events such as the Terra Luna crash, FTX decline, macroeconomic factors, and Binance’s legal troubles. However, the cryptocurrency market has shown a remarkable recovery towards the end of the year, with BTC showing promising growth.
Bitcoin has reached impressive heights, surpassing its all-time high of $69,170 on March 8, 2024, reaching $70,083. Subsequently, on March 14, 2024, BTC once again surpassed its previous peak, reaching $73,750. This surge has pushed its market cap to $1.44 trillion, contributing to the overall cryptocurrency market cap of $2.77 trillion, reflecting an outstanding performance.
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Bitcoin’s Recovery Journey
After breaking above the psychological $31,000 mark, Bitcoin began to show a downtrend and traded below $30,000 levels for most of last year. However, it showed a notable recovery in the final months of the year.
The world’s largest cryptocurrency, BTC, which has been on the upswing, has increased by about 89.74% in a year. As of June 9, 2024, it is currently trading at $57,400, with a market cap of $1.13 trillion and a global cryptocurrency market cap of $2.11 trillion.
Cryptocurrency experts believed that if BTC holds its $30,000 level, it could probably bounce from there. Considering the current scenario, Bitcoin surpassed its all-time high in March but witnessed a downtrend after that.
In April 2023, the leading cryptocurrency Bitcoin touched the key resistance of $30,000 level for the first time since June 10, 2022, and then started to decline below $26,000. It significantly rose to $45,203 after May 2022. Cryptocurrency experts believe that if Bitcoin holds the $45,000 level and above, it may reach $60,000 by the end of 2024. In the first three months of the year, BTC has already touched the $73,750 level and set a new record for an all-time high.
While the future of Bitcoin is unknown, retail investors need to be very cautious about any move of Bitcoin, as it has already witnessed turmoil in the past. Also, India’s stance on cryptocurrencies continues to be at a standstill, with the government bringing all cryptocurrency-related transactions under the ambit of the Money Laundering Act. In a specific gazette notificationThe Union Ministry of Finance of India has said that all transactions related to digital assets or virtual currencies will fall under the ambit of the Prevention of Money Laundering Act (PMLA).
The new development may seem damaging to the cryptocurrency community in India. On the ground, however, the industry has praised the move as a step towards regulating this space. In the absence of regulators, regulators will immediately appeal any discrepancies.
Spot Bitcoin ETFs have been a huge factor in the growth of Bitcoin. After the SEC approved ETFs in the United States, retail investors showed great interest, leading Bitcoin to surpass its all-time high.
Another reason why cryptocurrency experts were bullish on Bitcoin is that this year, 2024, was the year of the Bitcoin halving event. Bitcoin’s halving event happens every four years, during which the BTC rewards for its miners are reduced by 50% (miner payout will be reduced to 3,125 BTC). This event is usually positive for the price of Bitcoin, as it helps to contract the supply.
Historically, halvings have been seen as a great signal to boost the price of Bitcoin. So far, this year’s halving, which occurred on April 20, 2024, has not caused BTC to surge as expected by experts. The current state of Bitcoin reflects a significant downtrend.
Bitcoin Halving History
The above chart shows that past Bitcoin halving events have established long-term bullish drivers for the price of Bitcoin. The Bitcoin halving event is related to its deflationary tendency and the reduction of its supply, which helps the price of Bitcoin to rise further. Since BTC is a decentralized cryptocurrency, no central bank or government can print it, and therefore, the total supply of Bitcoin is limited.
Additionally, “Bitcoin Whales,” referring to large investors, have begun accumulating Bitcoin again. According to data from on-chain aggregator Santiment, these large Bitcoin whales, holding 1,000-10,000 BTC in their wallets, indicate that investors have filled their wallets with a substantial amount of Bitcoin. This accumulation could help drive up the price of Bitcoin.
Can Bitcoin Reach $100,000 by 2024?
This year is the year of the fourth Bitcoin halving. It occurred on April 20, 2024. It forms the basis of Bitcoin’s monetary policy and supports its increasing scarcity by halving the growth rate of Bitcoin’s supply approximately every four years.
The BTC halving will continue until all 21 million coins are mined in 2140. Currently, there are approximately 19.70 million BTC coins in circulation in the cryptocurrency market.
Rajagopal Menon, Vice President of WazirX, a cryptocurrency exchange in indiasays Bitcoin is targeting a major breakthrough. If successful, the target is between $90k and $100k. Breaking out of this level could push Bitcoin to $90k-100k, driven by subsequent resistance and support levels within the existing curve.
Psychologically, the 100k mark represents a significant resistance point. It makes sense for Bitcoin to stop around 90k, potentially rising above 90k but staying below 100k. This pattern aligns with typical market behavior around such round numbers, Menon says.
He also said that veteran trader Peter Brandt is predicting a market peak of 150k by the end of 2025. His analysis is based on halving cycles, with the most recent halving occurring earlier this year. Historically, halvings occur around the midpoint of the cycle, suggesting a strong bull run until the end of 2025. This is in line with the traditional 4-year cycle seen in previous Bitcoin trends.
As of July 9, 2024, BTC is trading at $57,400 with a market cap of $1.13 trillion. The halving was completed on April 20, 2024, at the block 840,000.
Note: Data is from CoinMarketCap.
Can Bitcoin Reach $1,000,000 by 2025?
Bitcoin enthusiasts often make overly optimistic and sometimes unrealistic predictions for their favorite cryptocurrency. After this mini bull run, there have been numerous discussions about Bitcoin, the world’s largest digital currency. Some speculate that the cryptocurrency could reach $10 lakh by 2025.
Himanshu Maradiya, founder and chairman of CIFDAQ Blockchain Ecosystem, said, “While predicting that Bitcoin will hit $1,000,000 by 2025 may seem overly optimistic, several factors make such a scenario plausible. The growing adoption of Bitcoin, various countries approving BTC ETFs, weakening of traditional fiat currencies due to hyperinflation, and increasing profitability for BTC miners are key factors that could significantly increase its value.”
He also added that the recent upward revision of Standard Chartered’s BTC price forecast to $120,000 by the end of 2024 underscores the growing confidence in Bitcoin’s potential. As more investors and institutions turn to Bitcoin as a hedge against inflation, the possibility of it reaching unprecedented heights becomes more plausible. If such sovereign wealth funds start investing in BTC or BTC ETFs, the price will undoubtedly rise much faster, and there is no limit to the price escalation due to the amount of these funds.
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Bottom line
Among the countless predictions about Bitcoin, the conclusion is that it has experienced several falls and has emerged stronger than before each time. Its resilient nature instills a sense of confidence in cryptocurrency enthusiasts who see value in investing in decentralized currencies.
Only time will tell whether Bitcoin will skyrocket or face challenges, and trading Bitcoin should be done with full awareness: your investment may produce a different return than expected.
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