Can Bitcoin Reach $1,000,000 By 2025? – Forbes Advisor INDIA

The year 2024 started with great levels for all the cryptocurrencies including Bitcoin and Ethereum and also for crypto enthusiasts. The largest cryptocurrency in the world, BTC has lost around 65% of its market value in the past year. Crypto enthusiasts have been caught off guard by a series of unpredictable events such as the Terra Luna crash, FTX crash, macroeconomic conditions and Binance pleading guilty.

The start of the last year 2023 was strong for the cryptocurrencies as the crypto world showed signs of recovery. Bitcoin even rose on average 0.39 in the month of July at about $31,000 in 2023. The crypto world shows tremendous recovery from October, November and December BTC rose at good levels. As of the beginning of the new year January 3, 2024, BTC is at $45,203, market cap at $886.64 billion, and market volume at $31.76 billion. Bitcoin rises high as expected.

Will Bitcoin Recover?

After the psychological threshold of the $31,000 mark, Bitcoin started showing a bearish trend again and traded below $30K levels. The world’s largest cryptocurrency, BTC, which has been on the road to recovery, has added to the monthly gain of almost 15%, according to the latest charts tracked by CoinMarketCap and is now trading at its highest level since May 2022 at $45,203 .

BTC seems under thin pressure as inflation continues to be a crucial issue in emerging economies like the US and the UK, and as expected, the US Federal Reserve raised interest rates by 25 basis points to tackle inflation concerns. According to experts, the biggest resistance is seen near the $29,800 level and the next major resistance is at the $30,400 level.

This is not the first time that BTC has come under pressure. Bitcoin experienced a major decline that pushed the cryptocurrency below the $26,000 level, a three-month low, when the US Securities and Exchange Commission one of the leading cryptocurrency exchanges in the world, Binance and sued its founder and CEO, Changpeng Zhao. (CZ).

The SEC blamed the crypto exchange Binance for creating separate entities such as Binance.com and Binance US, as segments of an elaborate scheme to evade US federal securities laws. It also alleged that a firm owned by its founder CZ was involved in artificially increasing the trading volume of crypto-assets listed on its Binance American platform.

Cryptocurrency experts believe that if BTC holds its $30,000 level, it can likely bounce back from here and now lead to $45,203 as of January 3, 2024.

In April 2023, the top cryptocurrency Bitcoin touched the key resistance of $30,000 level, for the first time since June 10, 2022 and then started to decline to $26,000 level and has now risen superbly at $45,203 after May 2022. Crypto experts believe Bitcoin must hold to the current level and more to touch the $60,000 level by the end of the year 2024.

However, the road to recovery is long as BTC is still down nearly 34.26% from its peak. At the beginning of the year, Bitcoin fell below the $20,000 level. But factors such as the deepening banking crisis in the US, the weakening of the dollar index and cooling inflation could bring Bitcoin and other digital currencies back to lead the path of resistance. So it is not wrong to say that the recent US financial crisis has increased the appetite for cryptocurrencies.

Although the future of Bitcoin is unknown, retail investors are expected to be very cautious about every move of Bitcoin as it has been a turbulent year for Bitcoin. Bitcoiners should not forget the fact that the currency is still trading low at almost 34.26 from its all-time high. The reason behind this volatility can be attributed to the macroeconomic conditions in countries including the US and the UK.

Additionally, India’s stance on cryptocurrencies remains stuck with the government bringing all crypto-related transactions under the purview of the Money Laundering Act. In a specific newspaper notification, the Union Ministry of Finance of India has stated that all the transactions related to digital assets or virtual currency will come under the ambit of the Prevention of Money Laundering Act (PMLA).

On the face of it, the new development may seem harmful to the cryptocurrency community in India. On the ground, the move has been lauded by the industry at large as it is a step towards regulating this space, where the enforcement agencies, in the absence of regulators, will snap right back at any inconsistencies.

One of the other reasons why crypto experts are hopeful about Bitcoin is that this year 2024 will be a year for Bitcoin’s halving event. The Bitcoin halving event occurs every four years in which BTC rewards to its miners are cut by 50% (the miner’s payout will be reduced to 3,125 BTC). This event is usually seen as positive for Bitcoin’s price as it helps contract supply. Historically, halving has been seen as a good sign to bring momentum to Bitcoin’s price.

Bitcoin Halving History

In the table above, we can see that previous Bitcoin halving events could establish long-term bullish drivers for Bitcoin’s price. The Bitcoin halving event is related to its deflationary trend and the crushing of its supply, which helps the Bitcoin price to rise further. Since BTC, being a decentralized cryptocurrency, cannot be printed by any central banks or governments and thus Bitcoin’s total supply is limited.

In addition, “Bitcoin Whales”, large investors began to accumulate Bitcoin again. According to data from chain aggregator Santiment, the major Bitcoin whales hold a range of 1,000-10,000 BTC in their wallets, showing that investors have filled their wallets with a lot of Bitcoins, which may reflect signs of recovery in the price. of Bitcoin.

Can Bitcoin Reach $100,000 By 2024?

We are all aware that Bitcoin has risen 80% plus more since the beginning of this year. With massive and unexpected gains, it has certainly outperformed several other major assets and set up huge returns for those who bought Bitcoin on dips.

The crypto industry is excited to see the new peak of BTC and hopes for more. Marshall Beard, chief strategy officer at crypto exchange Gemini, believes Bitcoin will break its all-time highs this year. He even said, “$100,000 price figure is an” interesting number if bitcoin reaches its previous record high of almost $69,000.

If Bitcoin actually touches this magical figure, it needs to show an upside of 270% to reach at $1 lakh level.

Paolo Ardoino, Chief Technology Officer at Tether also has a positive view on Bitcoin. He said BTC could “retest” that high of around $69,000.

Nevertheless, the year 2023 seems to be a decent year for Bitcoin advocates, who always tend to consider it as a “digital gold” or “safe haven investment” that can offer traders attractive returns in times of chaos. This was a big boost for BTC in hopes that the US Federal Reserve may reduce the chances of raising interest rates more aggressively.

Can Bitcoin Reach $1,000,000 By 2025?

Bitcoin enthusiasts always have overly positive and sometimes not possible predictions for their favorite cryptocurrency. And after this mini bull run, a lot of discussions are happening around the world’s largest digital coin, BTC, the crypto coin may even show a level of $10 lakh by 2025.

This hypothetical and notable figure of $10 lakh has been rolled by various celebrities in the crypto world. Recently, Standard Chartered, one of the leading British multinational banks, has increased its prediction price for the BTC ranging from $1,00,000 to $1,20,000 by the end of the year 2024 in one of its most recent research reports that more profit to BTC miners mention. The MNC bank has predicted that BTC will reach $50,000 by the end of this current year.

Chinese-Canadian Bitcoin entrepreneur and CEO of crypto firm JAN3, Samson Mow, believes that the cryptocurrency will reach $1 million in the next five years. With several such wild guesses, Balaji Srinivasan, an investor and the former chief technology officer at Coinbase, took a bet that BTC could reach $10 lakh or more in just 90 days.

Srinivasan made this strong statement by simply believing that as the world goes into the stage of hyperinflation, the value of the dollar will weaken, due to which the people will start buying more and more BTC. The term “hyperinflation” means an extreme increase in the price of goods and services over a period of time.

On the other hand, cryptocurrency experts believe that BTC may touch $10 lakh in the coming years, but not so soon and predicting this level in the year 2023 or in just 90 days is simply not possible.

Marshall Beard said, “Bitcoin is a million dollars in 90 days, there are some crazy things happening in the world that we don’t want,” however he said it could take 10 years to get anywhere near this to achieve extreme prediction.

Bottom line

Among the numerous predictions about Bitcoin, the bottom line remains that Bitcoin has seen several downfalls and each time emerged stronger than before. Its resilient nature creates a kind of faith in the minds of crypto-enthusiasts who find value in investing in decentralized currencies. Whether Bitcoin rises higher or turns to dust is something only time can tell, and trading Bitcoin should be done with full awareness that your investment will not necessarily give you the expected returns.