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Will Bitcoin Hit $1 Million By 2028? Experts Clash Over Bold Price Prediction

Tuur Demeester, a Bitcoin evangelist, has recently shared his views on Bitcoin’s potential to reach the $1 million mark by 2028. Demeester’s view on this topic presents a cautious contrast to some of the more bullish predictions in the crypto community.

This tempered perspective comes when others, such as Samson Mow, express strong confidence in Bitcoin’s ability to hit this milestone following its next halving.

$1 Million Bitcoin By 2028 Is Not Certain

Demeester’s skepticism was articulated in response to a post sharing a graph by investor Fred Krueger, which suggested that Bitcoin might reach the $1,000,000 level by 2028.

The Bitcoin graph shared by investor Fred Krueger.

While appreciating the graph’s model, Demeester expressed uncertainty, acknowledging the unpredictable nature of the market and its capacity to defy even the most well-constructed models.

The anticipation surrounding BTC’s price of $1 million is closely tied to its halving events, which occur approximately every four years. After this year’s halving, the next halving is set to occur in 2028. These events reduce the number of new BTC mined per block by half, limiting the supply and potentially impacting the price.

The upcoming halving, set for April this year, will see the daily minting of Bitcoin slashed from 900 to 450 coins. Such supply changes have historically led to significant price movements, lending credibility to the various models predicting substantial future price increases.

Amid these predictions, an X user, claiming ownership of the growth plot referenced by Demeester, chimed in with insights. They argued that some market laws, like the time value of money in the stock market, are less likely to be broken.

Similarly, the natural adoption rate of Bitcoin might constrain its “explosive” growth, providing room for market movements without breaking the underlying model.

Diverse Views On Bitcoin’s Future

Other Bitcoin enthusiasts, like Samson Mow, CEO of Jan3, are more optimistic. Mow envisions Bitcoin reaching $1 million, potentially in a sudden surge causing “max pain” for several market players.

This dramatic increase, he suggests, could happen swiftly, within “days or weeks,” though the precise starting point remains uncertain.

In analyzing potential triggers for a Bitcoin rally, Mow considers various factors. These include Bitcoin-specific metrics like exchange-traded inflows (ETF), the BTC hashrate, and whale activity on Bitfinex. Additionally, Mow looks at broader economic indicators such as Tether’s USDT assets under management, government debt payments, and Debt-to-GDP ratios.

Mow believes these factors, combined with nation-state adoption, real inflation rates, and the M3 money supply, could significantly influence Bitcoin’s performance.

Amid the debate, Bitcoin saw quite a surge in the past 24 hours, reclaiming the $43,000 mark with a current trading price of $43,123.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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Bitcoin’s Big Breakout: This Bullish Pattern Signals An Imminent Price Surge

Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. Jake Wujastyk, a prominent market analyst, has particularly pointed out the emergence of an inverse head and shoulders pattern on Bitcoin’s daily candle chart.

This pattern, coupled with Bitcoin’s closing price above a significant “volume shelf” signals an imminent upward trajectory for Bitcoin.

Bitcoin Surge On The Horizon

In technical analysis, an inverse head and shoulders pattern is traditionally interpreted as a bullish signal. It is characterized by two lower peaks (shoulders) on either side of a far-down valley (head). The completion of this pattern occurs when the price breaks above the resistance level, known as the “neckline.”

In Bitcoin’s case, this neckline also aligns with a ‘volume shelf,’ as Wujastyk indicates, a price level where many contracts have previously been traded, indicating strong support or resistance.

As Bitcoin’s price currently sits above the critical level of $43,000 up by 4.7% in the past week, it suggests a growing momentum among buyers, hinting at a potential uptrend. At the time of writing, Bitcoin has seen a 2.1% increase in its price over the past 24 hours, reaching $43,144.

Bitcoin (BTC) price chart on TradingView.com

This price movement occurs against a backdrop of fluctuating daily trading volumes, which have decreased from over $25 billion to below $20 billion in a day.

Notably, this pattern’s emergence is particularly noteworthy as Bitcoin options are set to expire, with 22,000 BTC options nearing their expiry date. These options have a Put Call Ratio of 0.66, a Maxpain point of $42,000, and a notional value of $960 million, as per data from Greekslive.

For context, the Put Call Ratio is a key indicator in options trading, representing the number of put options relative to call options. A lower ratio suggests a bullish sentiment, as it indicates more call options (bets on the price rising) are being traded compared to put options (bets on the price falling).

Market Trends And BTC Halving Anticipation

The broader crypto market, including Ethereum (ETH) options, is also approaching expiration. 230,000 ETH options are set to expire, with a Put Call Ratio of 0.33, a Maxpain point of $2,300, and a notional value of $530 million. These figures suggest a more bullish outlook for Ethereum compared to Bitcoin.

Furthermore, according to GreekLive, the market has seen subdued activity recently, with both realized volatility (RV) and implied volatility (IV) trending lower for major cryptocurrencies.

However, introducing Bitcoin spot exchange-traded funds (ETFs) is beginning to attract incremental capital to the crypto market, compensating for the slowdown in grayscale sell-off. Meanwhile, the anticipation around Bitcoin’s halving event, scheduled for April 2024, is creating a buzz in the market.

A recent survey by Bitget indicates a bullish sentiment among investors regarding the upcoming Bitcoin halving. 84% of respondents globally believe that Bitcoin will exceed its all-time high of $69,000 in the next bull run.

Predictions for Bitcoin’s price during the halving are varied, with over half expecting it to be between $30,000 and $60,000, while about 30% foresee it is surpassing $60,000.

Featured image from Unsplash, Chart from TradingView

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Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin’s value relative to gold. Despite his longstanding skepticism, Schiff has presented a scenario where Bitcoin could reach roughly $10 million by 2031.

However, the Bitcoin critic responded that this could happen under particular economic conditions.

Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million

This bold statement arises from the Economist’s comparison of Bitcoin’s potential growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents.

Commenting under this post, an X user asked, “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency.

Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it’s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil.

Community Reactions To Schiff’s Post

Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value.

The crypto community, however, often counters Schiff’s bearish outlook with a mix of criticism and humor. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years.

Mow, in particular, has pointed out that once Bitcoin surpasses gold’s market cap, gold could be relegated to its “industrial utility cost.”

These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance.

Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week.

Bitcoin (BTC) price chart on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Holding For Gold: Micheal Saylor’s Poll Unveils Bitcoin Enthusiasts Aiming For $1 Million Mark

Recently, Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin (BTC) proponent, took to social media to gauge the Bitcoin community’s sentiment on the future price of the digital asset.

Saylor, who has transitioned from CEO to head of Bitcoin strategy at MicroStrategy, posed a significant question to the Bitcoin community on X. Saylor’s inquiry was straightforward yet profound: “How high will BTC need to rise before you would consider selling a small portion of your Bitcoin?”

This question, aimed at understanding the threshold that might trigger selling decisions, garnered extensive attention, with roughly 122,839 individuals participating in the poll. The answers, revealing the mindset of the Bitcoin community, ranged from moderate to extremely bullish sentiments.

Surprising Results: Majority Eye $1 Million Bitcoin Threshold

The survey results painted a fascinating picture of the BTC community’s outlook. While a minority of respondents, 18.8% and 14.1%, selected $250,000 and $500,000 price points, a significant portion of the community leaned towards much higher figures.

Notably, 36.3% of voters indicated a price range from $1 million to never selling their Bitcoin holdings, highlighting a strong belief in BTCs long-term value. Additionally, 30.8% of participants marked $100,000 as their potential selling point.

Saylor’s survey revealed the community’s predominant inclination to hold BTC until it reaches or surpasses the $1 million mark. Some were willing to hold indefinitely, reflecting a deep-rooted confidence in Bitcoin’s future.

Institutional Capital And Halving Events: Catalysts For A $1 Million BTC

As the crypto space closely watches these survey results, the $1 million price point for Bitcoin is increasingly viewed as a realistic possibility by many enthusiasts and experts alike. Samson Mow, the CEO of Jan3 and a vocal BTC advocate, recently supported this view.

Mow agreed with the general sentiment of Saylor’s survey, stating that while “Balaji wasn’t wrong about BTC going to $1M,” he was perhaps wrong about the timing and the driving factors.

Mow attributed the potential surge to a confluence of significant institutional investment and the impact of Bitcoin halving events. The halving, a scheduled reduction in BTC mining rewards, inherently limits the new supply of Bitcoin, thereby introducing a scarcity factor.

Coupled with a projected influx of institutional capital into the crypto market, these factors could collectively catalyze Bitcoin’s price to unprecedented heights. Mow’s analysis aligns with the optimism reflected in Saylor’s survey, underlining a solid belief in Bitcoin’s capacity for substantial value growth.

It is worth noting that this optimism within the Bitcoin community, coupled with expert insights, suggests a future where Bitcoin’s valuation might reach, or even exceed, the coveted $1 million mark.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView