The post Bitcoin to $3,000,000? Could Be Possible This Year if Past Crypto Cycles Repeat appeared first on Coinpedia Fintech News
The growth of Bitcoin since its launch in early 2009 has shattered all perceptions of what is possible in investing. BTC, which was trading below $0.10 in 2010, has reached prices well below $100,000, creating plenty of millionaires and even some billionaires in the process.
This leads to the obvious question: Is Bitcoin about to run out of steam or can we expect even higher prices in the future?
When will the BTC price hit $1 million and above?
According to the Bitcoin price prediction on CoinCodex, Bitcoin is capable of going much higher, but investors will have to be patient – the days of quick returns in the BTC market may very well be coming to an end.
Based on the algorithmic model from CoinCodex, BTC would hit a price of $3 million in 2048 if Bitcoin’s cyclical price patterns continue into the future. After hitting this peak, it would retrace back towards the $1.4 million range.
Here are some more highlights from their BTC prediction tool:
Bitcoin is expected to cross $200,000 for the first time in the second quarter of 2028.
Bitcoin is forecasted to reach $300,000 for the first time in the second half of 2029.
Bitcoin is expected to hit $500,000 for the first time in the fourth quarter of 2035.
Bitcoin is predicted to reach the $1 million milestone for the first time in the second quarter of 2040.
CoinCodex’s Bitcoin price prediction is generated from historical Bitcoin price data, factoring in previous volatility and market trends. The model also incorporates Bitcoin’s halving cycle, which significantly reduces the supply of new BTC coins roughly every four years. These halvings have historically had a significant impact on the crypto market and form an essential part of producing a realistic long-term Bitcoin forecast.
To get a better understanding of how Bitcoin has performed from a long-term perspective, let’s take a quick look at the highest and lowest price points reached in each of Bitcoin’s four halving cycles.
Price bottomPrice peakIncrease from cycle bottom to cycle topPeak increase from previous cycle peakFirst halving cycle (Nov 2012 – Jul 2016)$12.4$1,170+9,335%n/aSecond halving cycle (Jul 2016 – May 2020)$535$19,400+3,526%+1,558%Third halving cycle (May 2020 – Apr 2024)$8,590$73,628+757%+279%Fourth halving cycle (Apr – 2024 – H1 2028)*$49,436$126,025+155%+71%
*The fourth halving cycle is not yet completed. It will end with the fifth Bitcoin halving, which is expected to occur in the first half of 2028.
As we can see, Bitcoin has managed to reach a new all-time in each halving cycle, although the growth from each all-time high to the next has been diminishing. This is to be expected given the sheer size of the Bitcoin market.
The market cap of Bitcoin hit $2.49 trillion at its all-time high on October 6, and it’s simply unreasonable to expect an asset of that size to continue producing large multiples in a short period of time.
Even though everyone would like to see big gains quickly, the Bitcoin forecast from CoinCodex seems to paint a more realistic picture of when we can expect Bitcoin to hit key price milestones such as $500,000 and $1 million.
Long-term Bitcoin price predictions from industry experts
Now that we’ve taken a look at an algorithmic Bitcoin prediction model, let’s also consider what leading crypto investors and industry experts are expecting from the world’s largest cryptocurrency.
Kraken CEO Jesse Powell: $1 million by 2031
In a 2021 interview with Bloomberg, Kraken CEO Jesse Powell said that it would be “very reasonable” to expect Bitcoin to hit a price of $1 million by 2031. He based his prediction on Bitcoin becoming used as a store of value, akin to gold:
“People see it surpassing gold as a store of value. So, you know, I think a million dollars as a price target within the ten years is very reasonable.”
Galaxy Digital CEO Mike Novogratz: $500,000 by 2027
Early in 2022, Galaxy Digital CEO Mike Novogratz predicted that BTC would hit $500,000 within five years, which would place his target in 2027. Novogratz expects the adoption of cryptocurrency to increase rapidly, propelling the price further:
“Five years out, if Bitcoin is not at $500,000, I’m wrong on the adoption cycle. We’re seeing an adoption cycle that accelerates. Bitcoin grew so much faster last year than the internet did during its best years in the 1990s. And so, I see this going viral everywhere.”
Strategy executive chairman Michael Saylor: Bitcoin to surpass gold by 2035
Michael Saylor is the executive chairman of Strategy, a publicly-traded company that holds over 3% of the total Bitcoin supply. With that in mind, it’s not too surprising that Saylor is extremely bullish on Bitcoin’s potential as an investment. Recently, he stated that Bitcoin will become a bigger asset class than gold by 2035.
Given gold’s current market capitalization of about $29.2 trillion, Bitcoin would need to reach a price of over $1.4 million to surpass it.
Coinbase CEO Brian Armstrong: The price of Bitcoin will hit multiple millions
Brian Armstrong is the CEO of one of the world’s largest cryptocurrency exchanges. Armstrong expects BTC to follow a very bullish trajectory in future, based on the growing participation of institutional investors in the Bitcoin market, the large inflows into Bitcoin ETFs, and the prospects of BTC getting adopted by governments across the globe. Here’s how Armstrong summarized his bullish stance:
“I think Bitcoin has a long way to go. It’s going to be the new gold standard out there. And crypto is really much bigger than that, too.”
Source link : https://coincodex.com/
