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When Will Bitcoin Price Reach $1,000,000? Pundit Lays Out A Timeline

Since the Bitcoin Price crossed $50,000 back in the 2021 bull market, there have been speculations on when the price will hit $100,000, and on the other extreme end, $1,000,000. Over time, various analysts and pundits have put forward their forecasts, but the most recent of these is from budding economist Alessandro Ottaviani who believes BTC could hit the $1 million mark in the next three years.

Bitcoin Price On Its Way To $1 Million

Ottaviani starts out his X (formerly Twitter) post by pointing out that the Bitcoin market cap had climbed rapidly following fake news of a Spot Bitcoin ETF approval. Now, recall that on Monday, media outlet Cointelegraph made a post on X saying that the US Securities and Exchange Commission (SEC) had approved the BlackRock iShares Spot Bitcoin ETF filing.

Following this, the price of Bitcoin surged above $30,000 and in a matter of minutes, over $50 billion was added to the crypto’s market cap, as Ottaviani points out. Going by BTC’s reaction to this news which eventually turned out to be fake, the analyst was able to draw a parallel for what might happen when Spot Bitcoin ETFs are approved for real.

Ottaviani points out that this $50 billion increase in market cap came from an around $500 million injection into the market, meaning the market cap rose at a ratio of 100:1. Thus, going by what BlackRock Director and CEO Larry Fink said about a Spot ETF triggering a $150 billion to $200 billion inflow into the asset, Ottaviani explains that this would put BTC’s market cap at $21 trillion. At a $21 trillion market cap, the price of each BTC would be going for $1 million.

Now, about when this might happen, Ottaviani reverts to Fink’s statement. When Fink made his forecast that $150-$200 billion could flow into Bitcoin, he said that this could happen over a three-year period. So if a Spot Bitcoin ETF is approved in 2024 as Bloomberg analysts believe, then the price of Bitcoin could reach this $1 million mark in 2027-2028 if all goes as planned.

“Surely on the way up there will be many people selling, but this is already directionally clear how much could be the effect of the BTC ETFs being approved,” Ottaviani said in the X post.

Bitcoin price chart from Tradingview.com (BTC $1,000,000)

Other $1 Million Predictions For BTC

Ottaviani is only the most recent in a long line of market participants and crypto enthusiasts who have predicted that the price of Bitcoin would reach $1 million. Some notable personalities who believe it will reach this level include ARK Invest CEO Cathie Wood, Coinbase CTO Balaji Srinivasan, and finance author Robert Kiyosaki.

Cathie Wood who has been a very vocal proponent of Bitcoin said last year that she expects the price of BTC to hit $1 million by 2030. Due to this belief, Wood’s investment firm ARK Invest has been heavily investing across the crypto space, buying hundreds of thousands of shares in the Grayscale Bitcoin Trust, as well as Coinbase stock.

Next on the list is Coinbase CTO Balaji Srinivasan who made a bet in June 2023 that the BTC price would reach $1 million. Srinivasan pointed to “hyperbitcoinization” as the reason behind this. However, Srinivasan’s forecast was on a much shorter timeframe (90 days) and didn’t play out as predicted.

Last but not least is finance author Robert Kiyosaki. Kiyosaki has been sounding the alarm of a potential collapse of the US dollar and has presented the likes of Gold, Silver, and Bitcoin as good alternatives to hedge against this potential collapse. In August, Kiyosaki said in an interview that if the economy were to collapse, Bitcoin could reach $1 million, while Gold and Silver could rise to $75,000 and $60,000, respectively.

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Analyst Predicts Next Bitcoin Cycle Top – Is It $89,000 Or $135,000?

The cryptocurrency landscape is once again rife with speculation as Bitcoin traverses its current fourth halving cycle. Amidst varied predictions, renowned crypto analyst CryptoCon’s insights, grounded in the Gann Square methodology, the November 28 Halving Cycles theory, and the 5.3 Diminishing Returns theory have garnered significant attention.

CryptoCon remarked via X (formerly Twitter) today, “The Gann Square predicts either $89,000 or $135,000 for the Bitcoin top this cycle.” He emphasized the accuracy of the Gann Square theory during previous cycles, pointing out its precision in predicting the cycle tops.

Will Bitcoin Price Reach $135,000?

According to the analyst, by leveraging the “blue 2×1 fan as the fair value line and drawing the end at Nov 28th (Halving Cycles Theory),” the Gann Square successfully pinpointed the tops of cycles 1 and 3 at the fourth level. However, the second cycle diverged, settling slightly above the fifth level.

This sets the stage for two potential outcomes in the ongoing fourth cycle, with the $135,000 prediction aligning with both CryptoCon’s November 28th price model and his Trend Pattern price model. Conversely, the $89,000 figure is aligning with the 5.3 diminishing returns theory.

Bitcoin price prediction

Historical data further adds depth to this analysis. Bitcoin’s inaugural cycle, spanning 2010-2014, saw it catapult from a minuscule value to a peak of $1,177. The subsequent 2015-2018 cycle commenced at $250, witnessing an unprecedented climb to $20,000 by its close. The journey from 2018-2022 manifested Bitcoin’s resilience as it surged from sub-$6,000 levels to a commendable $68,800.

Delving into the intricacies of the Gann Square’s “Fan” Lines offers more clarity. The “2×1 Fan” line, represented in blue, plots a trend angle where the price progression is double that of time. Traditionally, when the Bitcoin price is close to this line, it indicates a “fair value”.

In its 13-year history, Bitcoin has only extremely rarely fallen below the line, most recently in late 2022 following the collapse of FTX, then the second largest crypto exchange, and during the Covid crash in March 2020.

The “1×1 Fan” line, depicted in green, portrays a market in equilibrium with prices increasing in tandem with time. Historically, Bitcoin’s price peaked near this line during the parabolic run-up in the second and third cycles, providing the theoretical basis for the $135,000 prediction.

The Diminishing Returns Theory: Only Sub-$90,000?

In a subsequent post, CryptoCon further explained the $89,600 target. He stated that “$90k is slightly above the 5.3 diminishing returns theory.” According to the theory, Bitcoin’s returns diminish by a factor of 5.3x from the bottom to the top of each cycle, suggesting the next cycle’s peak might be around $77,000.

Bitcoin Diminishing Returns Theory

CryptoCon remarked, “After measuring returns from cycle bottoms to tops on the daily time frame as precisely as possible, the returns from cycle tops to bottoms are not 5.3. They are as follows: 5.34x, 4.96x, and 5.63x.”

Diving deeper, CryptoCon pointed out, “There is merit to the 5.3, as the average of these numbers is 5.31. However, we cannot say for sure that this will be the returns if this is just an average.”

Highlighting the potential peaks based on past cycles, he commented on the more grounded numbers. “The real numbers so far range from the lowest cycle top of $73,522 to the highest at $81,675 with an average cycle top of $77,122.”

Discussing the possibilities of Bitcoin hitting a much-anticipated $100,000 mark, CryptoCon explained, “$100,000 would mean a 3.84x diminish, implying Bitcoin would need to exhibit a drastically lower diminishing return rate this cycle.”

Drawing attention to Bitcoin’s historical relationship with Fibonacci extensions, he stated, “Bitcoin has consistently hit a Fibonacci extension level at each cycle top. If $77,000 is the anticipated target, this would be a deviation. The cycles have previously matched Fibonacci extensions of 58.764, 19.764, and 3.618. For this cycle, the lowest Fibonacci extension measured from weekly candle bodies is the 1.618, suggesting a price of $104,000 which corresponds to a 3.7x diminish from the last cycle.”

CryptoCon concluded by inviting speculations on whether external factors, such as the approval of spot Bitcoin ETFs, could provide the necessary momentum to shift these models. “Many believe that ETFs will have the strength to disrupt these models and predictions. Returns are evidently diminishing, but is the 5.31x ($77,122) average return going to be this cycle’s peak?”

At press time, BTC traded at $26,906.

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Bitcoin Price: El Salvador Crypto Advisor Predicts Explosive Rise To $220,000

In a recent development, Bitcoin proponent and crypto advisor to El Salvador’s President Max Keiser has made a future prediction for the Bitcoin price, joining the ranks of analysts who have made bold assertions about the flagship cryptocurrency’s trajectory. 

Keiser Says Bitcoin Price To $220,000

In a tweet shared on his X (formerly Twitter) platform, Keiser stated that the Bitcoin price will experience an explosive rise to $220,000 in the short term. However, he didn’t specify how soon the crypto token would see such a rally. He made this assertion in response to a CNBC article about the current decline in the financial market amid economic and inflation concerns.

In a subsequent tweet, Keiser once again reiterated that Bitcoin would rise to $220,000 as he claims that “Central banks will print a wall of money visible from outer space.” His belief seems to stem from the fact that many will be looking to use Bitcoin as a hedge against rising inflation. 

He even alluded to the fact that the US dollar was losing its purchasing power “at a very rapid pace.” He gave an instance of how paying $100 for hamburgers years ago looked like a joke, but he had just spent “$84 for a very ordinary hamburger.” 

For the longest time, Keiser has been bullish on the foremost cryptocurrency. In 2011, he called Bitcoin the “currency of the resistance” and the “biggest story of the decade.” Additionally, he always touted a financial collapse as what would spark a massive rally in the Bitcoin price. Then, he stated that Bitcoin’s adoption and price will increase as banks collapse. 

Arthur Hayes, the co-founder of BitMEX, also shares similar sentiments with Keiser. He recently stated that the government would likely resort to money printing to save the bond market, which could lead to a meteoric rise in Bitcoin’s price and other cryptocurrencies. 

Bitcoin price chart from Tradingview.com (El Salvador crypto advisor)

Is Inflation Good Or Bad For Crypto?

There seem to be divergent views on how rising inflation could affect Bitcoin and the crypto market by extension. While people like Keiser and Hayes see rising inflation as bullish for Bitcoin, others like Crypto analyst Nicholas Merten believe that inflation could spell more trouble for Bitcoin’s price. 

According to Merten, the Federal Reserve needs to keep hiking interest rates to bring down the inflation rate as there is excess money in the system due to the “excess printing of money.” Meanwhile, Bloomberg analyst Mike McGlone warned that the rising interest rates could cause a further decline in the Bitcoin price. 

There also seems to be a correlation between the stock and crypto markets. As such, it doesn’t seem like Bitcoin and the crypto market exist in isolation, as any financial crisis could significantly impact it. 

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Analyst Who Put Bitcoin Price At $130,000 Says You Should Buy BTC Now, Here’s Why

Two weeks ago, crypto analyst Tolberti made headlines for his incredibly bullish Bitcoin price outlook. The analyst is back again with another prediction and this time around, he is telling investors to get into the market with reasons to back it up.

Last Chance To Buy BTC

In a recent post on Tradingview, crypto analyst Tolberti sounded a warning alarm that this is the last chance for investors to buy Bitcoin. The reason for this, according to Tolberti, is that the Bitcoin price is headed toward a massive rally.

Tolberti points to bulls having successfully broken through a major descending trend line which he points out on the BTC 12-hour chat. The analyst explains that this is the last chance to buy Bitcoin at this low price given that “This trendline has been destroyed by the bulls, and we also had a successful retest of it!”

As for where the Bitcoin price is headed, Tolberti believes that it will hit $39,000 toward the end of 2023. However, he warns that this is not going to be smooth sailing with resistance already at $29,167 where the 0.618 Fibonacci has been established in the previous wave.

Buy bitcoin chart

On the longer time frame, using the Elliot Wave pattern, the analyst puts a “strong nest (1-2-1-2) or an expanding leading diagonal wedge (1-2-3-4-5).” at the $24,900-$28,500 range. “Both of them are bullish patterns and support the start of the bull market!” Tolberti explained further.

However, the analyst expects the Bitcoin price to perform poorly at the start of 2024. “I am prepared for the bull market that is coming in the next few weeks until January,” Tolberti said. “Expect January to be a bearish month.”

Where Is Bitcoin Price Headed?

Tolbert’s most recent Bitcoin price prediction focuses more on the short term for the last three months of the year. But his previous predictions give a more clear view of where he expects the price to reach, especially during a bull market.

In September, the crypto analyst posted an analysis in which he put the Bitcoin price as high as $130,000 by 2025. The chart showed a rise to the $80,000 level before a 30% retracement. After this, another bounce puts the price in the $130,000 range.

While Tolberti sees a bullish move for Bitcoin, Bloomberg analyst Mike McGlone expects that BTC will fall back to $10,000. McGlone does not see a bullish fourth quarter for Bitcoin, and coupled with rising interest rates, the analyst expects more of a decline.

Bitcoin price chart from Tradingview.com (Crypto analyst)

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Arthur Hayes Predicts Bitcoin Price To Hit $750,000, Here’s When

In an interview with Tom Bilyeu, Arthur Hayes, co-founder and former CEO of BitMEX, shared an insightful analysis of the future dynamics he believes will shape the Bitcoin price. At the heart of Hayes’ argument is a complex interplay of global financial mechanisms.

Bitcoin Price May Reach $750,000

Hayes began by setting the stage for Bitcoin’s near-term movement, stating, “My working model is that we are going to continue chopping around $25,000 to $30,000 this year.” This forecast draws its foundation from the anticipation of impending financial disturbances and Hayes alluded to the consequences of negative real rates.

When nominal rates, driven by government policies, hover between 6% to 10%, he expects a wave of diversification in investment strategies. Cryptocurrencies, especially Bitcoin, stand to gain significantly from such a shift. “As we get to some kind of financial disturbance and people realize that real rates are negative, if governments are growing nominal at 10%, 5%, 6%, though it’s high, people at the market will start buying other stuff. Crypto is one of those things,” Hayes remarked.

Delving deeper into the dynamics, Hayes extrapolated his prediction into 2024. He mentioned, “Either we face a financial crisis where rates plummet to zero, or we experience a slower increase in rates compared to government expenditure.” In both scenarios, Hayes anticipates a bullish outcome for Bitcoin, seeing it touch around the $70,000 mark by the end of 2024.

Key drivers, in his opinion, would be the Bitcoin halving event, an algorithmic reduction in Bitcoin rewards that traditionally impacts its price, and potential Exchange-Traded Fund (ETF) launches by significant asset management giants in strategic global financial hubs, including the US, Europe, China (through Hong Kong).

The longer-term prediction, however, is where Hayes’ vision becomes even more expansive. He articulated, “This is where the real fun starts. In my mental model we can go somewhere between $750,000 to $1,000,000 per Bitcoin in the 2026 timeframe. Whatever the number is, it’s going to be a round number, just like Bitcoin hit $69,999. Then it is going down and gets crashed. 75% or 80%, it doesn’t matter.”

Hayes firmly believes that such an evolution will come amidst an unparalleled financial boom. Moreover, Hayes’ analysis is not confined to Bitcoin. Drawing parallels, he suggests that this monumental financial growth will cascade across other major assets. Indicators such as the NASDAQ and S&P, he suggests, will also see record-shattering performances.

“I think it will be the biggest boom in financial markets we have ever seen in human history. Bitcoin will have a ridiculous price, Nasdaq will have a ridiculous price, S&P will have a ridiculous price. Pick your stock industry. […] Not just in crypto,” Hayes predicts.

Money Printer To Go “Brrrr” Soon?

On a separate note, Hayes expressed his thoughts on the broader macroeconomic climate, specifically pointing toward the US Federal Reserve’s monetary policy in a series of tweets on Wednesday. He conveyed a belief that if the Fed were to return to its aggressive money printing strategies, it could become a significant catalyst for Bitcoin’s upward trajectory.

One of Hayes’ core focuses was on an emergent phenomenon in the bond market called the “bear steepener.” This scenario, wherein long-term bond interest rates rise faster than their short-term counterparts, often serves as a bearish indicator for stocks and riskier assets. Hayes, diving into the complexities of this pattern, remarked in one of his tweets, “Why do I love these markets right now when yields are screaming higher? Bank models have no concept of a bear steepener occurring.”

Expanding on potential outcomes of a rapid bear steepener evolution, Hayes highlighted the risks. “The faster this bear steepener rises, the faster someone goes belly up, the faster everyone recognizes there is no way out other than money printing to save government bond markets,” he pointed out, suggesting a potential domino effect that could send Bitcoin, crypto and all financial markets soaring.

At press time, BTC traded at $27,619.

Bitcoin price

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Bitcoin News: Analysts Reveal Forecasts For October As BTC Price Pushes Past $28,000

Analysts have unveiled their forecasts for October as the Bitcoin (BTC) price has pushed past the $28,000 mark. The cryptocurrency is currently experiencing an upward trajectory in October, firing up hopes for a productive month.

Analysts Predict A Bullish Run For Bitcoin Price In October

The month of October also referred to as Uptober in the crypto community has always been a bullish month for Bitcoin with a lot of gains. The cryptocurrency has always finished October with gains, doing so 8 of out 10 times since 2013.

According to crypto analyst Miles Deutscher, October has been one of the highest-performing months for Bitcoin. The crypto analyst highlighted this in a post on X (formerly Twitter), along with a graph of Bitcoin’s average monthly performance.

“Historically, October + November are the best performing months for #Bitcoin,” Miles stated.

Another crypto analyst who is also bullish on Bitcoin this month of October is Michael Van De Poppe. The crypto analyst believes that Bitcoin reaching a $40,000 mark is reasonable due to a pre-eminent Q4 of 2023, triggered by a Spot Bitcoin ETF approval and the pre-halving rally.

“Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially #Bitcoin to $40,000 is reasonable.” Michael’s post on X read.

Crypto traders are also high-geared up with Uptober due to Bitcoin experiencing its first ever green in September since 2016, marking the strongest one Bitcoin has experienced since 2016. This pivotal movement of Bitcoin in September sets the pace for October (Uptober).

Crypto trader Ran Neuner also pointed out the last time Bitcoin experienced an upward trajectory in September and the positive effect of this significant move, along with a yearly chart of Bitcoin on a post on X yesterday October 1, 2023.

Additionally, On-chain analytics firm Santiment recently revealed on X that Bitcoin’s sharks and whale holders have now accumulated up to 13.03 million BTC in 2023, presenting a promising long-term outlook for Bitcoin.

According to the analytic firm, the whales and sharks addresses have been accumulating Bitcoin and Tether quietly for the past six weeks.

BTC Holders Are On the Rise

The expectations of approval of a Spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) have since had a positive effect on the BTC price. The crypto asset experienced a significant increase in adoption in different regions of the world.

The cryptocurrency recently pushed past its resistance level of $27,500 and it is currently being traded at $28,300 as of the time of writing. This shows that the cryptocurrency is slowly gaining momentum in what is established to be one of its most bullish months.

Co-founder of Reflexivity Research, Will Clemente revealed Bitcoin’s metrics of long-term holders (LTHs) and short-term holders (STHs) on X a few days ago, as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.

The chart illustrated by blockchain data and intelligence firm Glassnode showed that three out of four Bitcoin are presently owned by long-term holders. The percentage of BTC supply held by Bitcoin’s long-term holders accounted for 76.09%, reaching its highest level ever and pointing to strong conviction among these ‘diamond hands.’

Bitcoin BTC price chart from Tradingview.com (Bitcoin News October)

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Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023

Bitcoin has recorded an overall positive price movement in the last week, gaining by 2.39%, according to data from CoinMarketCap. The premier cryptocurrency suffered a slight dip between Tuesday and Thursday but soon rose on Friday to trade above $27,000 again. 

Meanwhile, in celebrating the new month of October, popular crypto analyst Michaël van de Poppe has predicted an incoming bullish run for Bitcoin in Q4 2033 based on certain expected events. 

Analyst Projects Bitcoin To Reach $40K In Q4 2023 Starting With A Positive ‘Uptober’

Via a post on X on October 1, Michaël van der Poppe welcomed his 667,000 followers to October with much optimism towards the BTC market, renaming the month as “Uptober.” 

In general, the well-known analyst believes the crypto bear market is almost over, and Bitcoin could soon record some significant gains, as he expressed in a previous post on September 30.

Interestingly, van de Poppe’s optimism extends beyond October to the whole of Q4 2023, as he predicts Bitcoin could attain $40,000 before the year runs out. Albeit, this prediction is hinged on the occurrence of certain events.

Firstly, Michaël van der Poppe mentions the potential approval of ETF applications. The ongoing Bitcoin spot ETF saga in the US has drawn much attention over the last few months due to its possible effects on the BTC market.

Currently, analysts are quite optimistic about the chances of approval of a Bitcoin spot ETF, which could result in massive gains for the largest crypto asset upon realization. 

Realistically, this approval could occur in Q4 2023, as it contains the second deadline date for most applications. 

However, the US Securities and Exchange Commission could decide to delay its responses to these proposals till the final deadlines, most of which are slated for Q1 2024. The US securities regulator is already employing such tactics, as seen with the first deadline dates for most applications.

In the last week, the SEC also announced it would be pushing back its response to certain applications beyond their second deadline date. These applications included proposals from BlackRock, 21Shares, Bitwise, and Valkyrie. 

The Bitcoin Pre-Halving Rally

In addition to potential ETF approvals, Michaël van de Poppe also mentioned a possible bitcoin pre-halving rally as a factor that could spur the asset growth to $40,000 in Q4 2023. 

Historically, the months leading up to the halving event are marked by a Bitcoin rally, as seen in 2012 and 2016.

Based on van de Poppe’s prediction, he foresees a similar BTC price movement in the coming months ahead of the next Bitcoin halving set for April 2024, during which the mining rewards will be slashed from 6.25 BTC to 3.125 BTC. 

However, investors should take note of black swan events, as seen with the last Bitcoin halving in 2020. In the months before this halving event occurred, the BTC pre-halving rally was temporarily affected by the negative market effects of the COVID-19 pandemic.

At the time of writing, Bitcoin is trading at $27.138 with a 1.07% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 21.37% and valued at $6.28 billion. 

Bitcoin

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Bitcoin Price Predictions For 2024: Insights From Major Banks To Hedge Funds

With anticipation around Bitcoin ETFs from giants like BlackRock, Fidelity, and Invesco, and an expected halving in April 2024, forecasts for Bitcoin’s price next year show a significant range. From JPMorgan to Standard Chartered Bank, here are the most notable estimates for 2024:

Pantera Capital: $150,000

In their August “Blockchain Letter”, Pantera Capital, led by Dan Morehead, predicts a possible rise to $147,843 post the 2024 halving. Employing the stock-to-flow (S2F) ratio, they believe the price model suggests the valuation of Bitcoin against its scarcity will become more pronounced.

Specifically, Pantera Capital stated, “The 2020 halving reduced the supply of new bitcoins by 43% relative to the previous halving. It had a 23% as big an impact on price.” With history as a reference, this could indicate a hike from $35k before the halving to $148k after. However, not all Bitcoin supporters are on board, having witnessed failed predictions based on this model in the recent past.

Standard Chartered Bank: $120,000

In a recent research report from July, Standard Chartered Bank offered a bullish outlook on Bitcoin’s potential trajectory. The British multinational bank now expects Bitcoin’s value to ascend to $50,000 by the end of the current year, with the potential to soar as high as $120,000 by the close of 2024. This revised forecast from Standard Chartered marks an increase from their previous April prediction, where they projected a top of $100,000 for Bitcoin.

The upward revision in the bank’s forecast is underpinned by several determining factors. Notably, one primary reason cited for the potential price escalation is the ongoing banking-sector crisis. Additionally, the report sheds light on the rising profitability for Bitcoin miners as a pivotal factor influencing the price trajectory. Geoff Kendrick, the head of FX and digital assets research, emphasizes the instrumental role of miners. He notes, “The rationale here is that, in addition to maintaining the Bitcoin ledger, miners play a key role in determining the net supply of newly mined BTC.”

JPMorgan: $45,000 Per Bitcoin

JPMorgan, one of the world’s leading investment banks, anticipates a more restrained growth for Bitcoin, predicting a rise to $45,000. This forecast is influenced by the surging gold prices. Historically, Bitcoin and gold have shown correlation in their price movements, and with the gold price recently surpassing the $2,000 mark per ounce, it has bolstered JPMorgan’s conservative outlook on Bitcoin.

In a detailed note from May, JPMorgan strategists explained, “With the gold price rising above $2,000, the value of gold held for investment purposes outside central banks stands at about [$3 trillion]. Consequently, this suggests a Bitcoin price of $45,000, based on the premise that BTC will achieve a standing akin to gold among private investors.”

Matrixport: $125,000 By End-2024

In July, Matrixport, a prominent crypto services provider, predicted that Bitcoin’s price could surge to as high as $125,000 by the close of 2024. This optimistic outlook was based on historical price patterns and a significant signal: Bitcoin’s recent breach of $31,000 in mid-July, marking its highest level in over a year. Historically, such milestones have signaled the end of bear markets and the beginning of robust bull markets.

By comparing these patterns with historical data from 2015, 2019, and 2020, Matrixport estimated potential gains of up to 123% within twelve months and 310% within eighteen months. This translates to potential Bitcoin prices of $65,539 and $125,731 within those respective timeframes.

Tim Draper: $250,000

Tim Draper, a prominent venture capitalist, maintains a highly bullish outlook on Bitcoin. While his previous prediction for Bitcoin to reach $250,000 by June 2023 didn’t materialize, he remains optimistic about the cryptocurrency’s long-term potential. In a July interview on Bloomberg TV, Draper attributed recent regulatory actions in the United States, such as those against Coinbase and Binance, to BTC’s short-term downtrend.

Despite these challenges, Draper continues to believe in Bitcoin’s transformative power and sees it potentially reaching $250,000, albeit now possibly by 2024 or 2025. His confidence in Bitcoin’s ability to revolutionize finance and retain its long-term value remains unwavering.

Berenberg: $56,630 At Bitcoin Halving

The German investment bank Berenberg revised its prediction in July, pointing toward $56,630 by April 2024. This upward adjustment was supported by improved market sentiment attributed to the anticipation of the Bitcoin halving event expected in April 2024 and the growing interest exhibited by prominent institutional players.

Berenberg’s team of analysts, led by the insightful Mark Palmer, emphasizes their expectation of significant appreciation in Bitcoin’s value in the coming months. This projection is driven by two key factors: the highly anticipated Bitcoin halving event and the growing enthusiasm displayed by significant institutions.

Highlighting their confidence in the market, Berenberg also reaffirmed its buy rating on the stock of Microstrategy. The bank has revised its share price target for Microstrategy from $430 to $510, driven by a higher valuation of the company’s BTC holdings and an improved outlook for its software business.

Blockware Solutions: $400,000

Blockware Intelligence, in an analysis from August titled “2024 Halving Analysis: Understanding Market Cycles and Opportunities Created by the Halving,” delved into the intriguing possibility of Bitcoin’s price reaching $400,000 during the next halving epoch, anticipated in 2024/25.

A central factor identified in the research is the role of the halving in shaping Bitcoin’s market cycles. The report asserts that miners, responsible for a significant portion of sell pressure, receive newly minted BTC, much of which they must sell to cover operational costs. However, the halving events serve to weed out inefficient miners, leading to reduced sell pressure.

With supply diminishing due to halvings, the research emphasizes that demand becomes the primary determinant of BTC’s market price. Historical data indicates that a surge in demand typically follows halving events. Market participants, equipped with an understanding of the supply-side dynamics introduced by halvings, prepare to deploy capital at the first signs of upward momentum, potentially leading to substantial price appreciation. This surge in demand is particularly evident in current on-chain data, validating the positive sentiment surrounding halving events.

Beyond these notable forecasts, there are a plethora of other price predictions for BTC, ranging from Cathie Wood’s (ARK Invest) ambitious $1 million projection to Mike Novogratz’s (Galaxy Digital) $500,000, Tom Lee’s (Fundstrat Global) $180,000, Robert Kiyosaki’s (Rich Dad Company) $100,000, Adam Back’s $100,000, and Arthur Hayes’ $70,000 prediction, underscoring the diverse perspectives on Bitcoin’s future value.

At press time, Bitcoin traded at $26,286.

Bitcoin price

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Crypto Analyst Says Prepare For 100% Increase In Bitcoin Price As Historical Pattern Forms

Last week was a quiet one for Bitcoin, as the US dollar continues to gain ground in the foreign exchange market. Price action, in particular, has had Bitcoin breaking below the $26,500 support, indicating a potential risk of more losses below the $26,000 support in the near term. 

Some analysts, however, are still betting on a new Bitcoin bull run in the near future. According to crypto analyst “Titan of Crypto”, the Bitcoin price is poised for a huge surge over the next year that could see it double in value or more.  

Crypto Analyst Predicts 100% Bitcoin Price Increase

The crypto analyst, who goes by the X handle @Titan of Crypto, believes Bitcoin is poised for massive gains leading up to the next halving event in 2024 based on historical price patterns. 

According to the analyst, Bitcoin’s price action has been consistent with the 78.60% Fibonacci retracement level in the months leading up to the three previous halving events in 2012, 2016, and 2020.

The price chart shared by @Titan of Crypto shows Bitcoin’s price had reached the 78.60% Fibonacci retracement level two months before the 2012 halving, two months before the 2016 halving, and 12 months before the 2020 halving. 

Of course, past performance is no guarantee of future results. However, if history repeats itself, the price of Bitcoin could double from $26,130 to $48,700 based on the analyst’s prediction. A similar prediction from the analyst puts the next peak for Bitcoin’s current cycle at $108,000.

Bitcoin price chart from Tradingview.com (BTC price prediction)

The Bitcoin halving, which cuts the block reward for miners in half, has been known to have a bullish effect on Bitcoin. A similar prediction by equity research firm Fundsrat to its clients predicted the next halving to have a bullish effect on the price of Bitcoin. While the next halving isn’t slated to occur until April 2024, analysts have predicted Bitcoin rising before then. 

Another analyst who goes by the X handle @100trillionUSD also predicted a series of events before the next halving, with a Bitcoin price rise being one of them.

This checkbox has been marked, as Bitcoin has risen from $18,000 since the beginning of the year. According to him, the 2024 halving should meet Bitcoin at a price greater than $32,000 and a bull market will push Bitcoin above $100,000. 

This bullish stance, however, is not shared by everyone. While the industry awaits the implication of the Fed’s recent decision on interest rates and its implication on the crypto market, analyst Nicholas Merten has warned of a potential $440 billion decline in overall crypto market capitalization. 

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New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024

Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap. Following the announcement on Wednesday that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000. 

However, over the last two days, Bitcoin has witnessed a slight price decline of 2%. As the most-priced blockchain asset now hovers around $26,500, crypto analyst Captain Faibik has predicted an incoming bullish run, which may see BTC close out 2023 with impressive gains. 

Analyst Says Bitcoin Is Poised For 30% Gain Soon

On Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price forecast. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation in a falling wedge stretching as far back as March 2023.

According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run.

To explain, a falling wedge pattern is generally interpreted as a bullish signal. It usually suggests that a bearish trend is losing momentum, and a price reversal could soon occur. 

If this pattern holds true in the present Bitcoin market, Captain Faibik predicts Bitcoin could start rising in November, attaining a price of $34,500 in January 2024. Such price gain would mark a 30% increase in Bitcoin’s current price. 

As usual, there are no guarantees no this prediction as the crypto market is subject to various factors. Investors are advised to conduct proper personal research before making investment decisions.

Bitcoin Non-Whales Attain New Levels Of Market Supply

In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market. 

According to data from Santiment, these wallet addresses have acquired 2.4% of BTC’s supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin’s available supply. 

On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of BTC’s available supply, their lowest level of market dominance since May. 

At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token’s daily trading volume is also down by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin retains its spot as the largest cryptocurrency in the market.

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Bitcoin Price Prediction For September 2023: What To Expect

After a short-lived rally above $28,000 this week following Grayscale’s landmark court case victory against the US Securities and Exchange Commission (SEC) over the conversion of GBTC into a spot ETF, the price of BTC has once again settled around the $26,000 mark. This comes after yesterdays’ SEC’s decision to postpone all Bitcoin spot ETF decisions for 45 days.

Renowned crypto analyst, Rekt Capital, has weighed in on the situation with a series of tweets that provide insight into Bitcoin’s potential trajectory for the upcoming month. As the analyst remarks, Bitcoin has registered a bearish monthly candle close for the month of August due to yesterdays’ price plunge.

Bitcoin Price Prediction For September 2023

In a series of tweets, Rekt Capital explained, “BTC closed below ~$27,150, confirming it as lost support. It’s possible BTC could rebound into ~$27,150, maybe even upside wick beyond it this September. But that would likely be a relief rally to confirm ~$27,150 as new resistance before dropping into the $23,000 region.

Bitcoin bearish monthly close

Historically, September has not been particularly kind to Bitcoin, with the month recording the least number of positive-returning months at just two, and currently being on a 6-year negative-returning streak.

Rekt Capital delves deeper into this trend, stating, “A frequently recurring downside amount for BTC in the month September is -7%. If BTC were to drop -7% from current price levels this month, price would retrace to ~$24,000.”

However, according to the analysis by the analyst, the next major monthly level is sitting at ~$23,400. This suggests that price maybe does not stop at -7% if BTC can’t gain new momentum. Instead, BTC could potentially downside wick -10% in total to reach that next major monthly level.

The analyst further elaborated on the historical performance of Bitcoin in September, noting, “September – positive or negative month? Typically, we tend to see a negative month for BTC in September. However, for the most part BTC sees single-digit drawdown in Septembers. 8 out of 10 of the past Septembers have experienced downside. Only 2 months saw small, single-digit gains in the month of September (+2% in 2015 and +6% in 2016).”

Bitcoin monthly returns

Worst Case Scenario

Drawing parallels with previous years, Rekt Capital highlighted that the most recurring drawdown in September has been a -7% dip, as observed in 2017, 2020, and 2021. However, he also pointed out that Bitcoin only saw double-digit retracement in 2019 (-13%) and in 2014 (-19%). The latter, being a bear market year, might not be the best comparison for 2023, which is shaping up to be a bottoming out year, akin to 2019 or 2015.

Addressing the looming question of another potential crash in September, the analyst opined, “In 2019 BTC saw a -13% retrace but we also need to keep in mind that BTC just saw one of its worst-ever August drawdowns at -16%. It’s unlikely that Bitcoin would experience severe back-to-back drawdown both in August and now in September as well.”

Concluding his analysis, Rekt Capital shared his personal forecast, “I think a drawdown of around -7% to -10% September could reasonably occur from current levels. This would see price drop to ~$24,000 – $23,000.”

Remarkably, there is unlikely to be a Bitcoin spot ETF decision in September, which may be the biggest catalyst for the market at the moment. The next deadlines for filings by Bitwise, BlackRock, Fidelity and the others is October 16 and 17. Only an action by the SEC after the lost lawsuit against Grayscale could provide a surprise event. However, there are currently no deadlines or statements from the SEC if and when they will carry out the ruling.

At press time, BTC traded at $26,104.

Bitcoin price

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Bitcoin Price Prediction for 2023, 2024, 2025, 2030 and Beyond

Bitcoin has come a long way since its inception in 2009. From being worth less than a penny initially, it has seen massive growth over the years with some dramatic ups and downs. Today, Bitcoin is emerging as a major alternative asset class and its future valuation prospects remain optimistic.

This comprehensive guide takes a data-driven approach to analyze factors affecting Bitcoin prices and makes educated projections about its potential highs and lows in the short, medium and long-term timeframes. With cryptocurrencies gaining mainstream traction, the report aims to provide clarity to investors on what lies ahead for Bitcoin prices based on historical patterns and developments. 

What is Bitcoin (BTC)?

Bitcoin is the first and most popular cryptocurrency in the world. It was created in 2009 by the pseudonymous Satoshi Nakamoto, who published the Bitcoin whitepaper and developed the Bitcoin protocol.

Bitcoin introduced blockchain technology to the world. The Bitcoin blockchain is a public ledger that records all Bitcoin transactions ever made. It is decentralized, meaning no single entity controls it. The blockchain is maintained by a global network of computers known as Bitcoin miners.

Key attributes of Bitcoin include:

Decentralized

No central authority controls Bitcoin. It is maintained by a distributed network of users.

Limited supply

Only 21 million Bitcoins will ever exist. This scarcity gives Bitcoin value.

Pseudonymous

Bitcoin addresses are not linked to real-world identities by default, giving users privacy.

Secure

Bitcoin uses cryptography and the blockchain to ensure the security of payments and ownership records.

Divisible

One Bitcoin can be divided into 100 million smaller units called satoshis, allowing small transactions.

Permissionless

Anyone can use Bitcoin without the need for permission from authorities.

These attributes make Bitcoin unique compared to traditional fiat currencies and a promising digital asset for investment.

Factors Influencing Bitcoin Price

Many factors can affect the price of Bitcoin, leading to volatility. Some major factors include:

Supply and Demand

Basic economic theory states that when demand increases while supply remains constant, price goes up. As more investors and institutions adopt Bitcoin, demand rises. But since new Bitcoins are mined at a fixed rate, supply remains steady, driving prices up.

Media Hype and Public Sentiment

Positive or negative media coverage and public sentiment can influence demand and price. For example, Elon Musk’s tweets on Bitcoin often lead to price swings based on his views.

Major Protocol Changes and Upgrades

Major Bitcoin developments like the SegWit upgrade or Lightning Network adoption can improve Bitcoin’s capabilities and affect price.

Regulations and Legal Status

Regulatory crackdowns or acceptance of Bitcoin in different countries impacts price as it affects demand.

Whales and Institutional Investors

“Whales” – entities holding large amounts of Bitcoin – can manipulate prices when they buy or sell. Increased institutional investment also drives up prices through increased demand.

Security Breaches and Scandals

Security issues with exchanges and wallets like the Mt.Gox hack or malicious business practices like the FTX collapse can erode investor confidence and depress prices.

Macroeconomic Conditions

Economic instability and currency devaluations motivate investors to buy Bitcoin as a hedge, boosting its price. However, it has struggled in a hawkish Fed environment and amidst rate hikes.

Bitcoin Price Performance in the Past

Looking at past price performance can provide insights into long-term trends and help predict future prices. Let’s take a walk down BTC memory lane.

The Early Days – Volatility and Growth (2009-2013)

BTCUSD_2023-08-25_09-38-11

When Bitcoin launched in 2009, it was practically worthless. In 2010, Bitcoin went from $0 to $0.39 and was extremely volatile in its early days.

By early 2011, it achieved parity with the US dollar, hitting $1.00 in February 2011. In the same year, it reached $10 and then $30. This early volatility was attributed to insufficient liquidity, scarcity due to the low Bitcoin supply, and lack of exchange infrastructure.

In mid-2011, Bitcoin fell from around $30 to $2 after a series of exchange hacks and thefts shook investor confidence. It took over a year to reach $10 again.

2012 saw gradual gains up to $12 but also wild fluctuations between $7-$15. In 2013, Bitcoin entered a bull run from $12 to over $1,100 driven by increasing media coverage and adoption in the dark web.

But it ended the year around $700 following a China ban on financial institutions and payment processors dealing with Bitcoin. This cycle of rapid gains and dramatic crashes would come to define Bitcoin price performance.

The 2014-2016 Bear Market

BTCUSD_2023-08-25_09-40-33

2014 kicked off with the collapse of Mt.Gox, then the largest Bitcoin exchange, after a series of hacks. This erased most gains from 2013 and caused Bitcoin to fall from around $850 to below $350.

For the next two years, Bitcoin hovered in the $200-$300 range. Increased regulation and lack of institutional interest kept mainstream adoption low during this period. Prices were relatively stable compared to past volatility.

2017 – The Bull Run and Mainstream Mania

BTCUSD_2023-08-25_09-47-54

2017 marked Bitcoin’s entry into mainstream awareness and a massive growth in price to nearly $20,000.

Several factors drove this rally:

  • Growing media and investment bank coverage calling Bitcoin “digital gold”
  • Increased adoption in countries facing currency crises like Venezuela and Zimbabwe
  • Proposals for Bitcoin ETFs (exchange-traded funds) drew investor attention
  • Launch of Bitcoin futures trading on major exchanges like CME and CBOE lent legitimacy
  • Large institutional investments – U.S billionaire Michael Novogratz invested $500M in Bitcoin in 2017

Demand rose as Bitcoin went from being an obscure digital asset to a household name. But by January 2018, Bitcoin had lost over 60% from its peak following regulatory measures and other factors leading to a cool down from its previously overheated state.

2018-2020 – The Crypto Winter and Maturation

BTCUSD_2023-08-25_09-41-27Bitcoin spent much of 2018 in a bear market following the 2017 rally, trading in the $3,000-$6,000 range.

Increased regulatory scrutiny, exchange hacks, and coin scams contributed to falling prices. But this period also saw the maturation of Bitcoin with developments including:

  • Lightning Network launch – enabled fast, cheap Bitcoin micropayments
  • Increased mainstream institutional investment from firms like Fidelity and US Bank
  • Bitcoin futures added on Bakkt, Nasdaq exchanges
  • Countries like Japan recognized Bitcoin as legal tender

These developments likely prevented further drops. By mid-2019, Bitcoin recovered to the $10k-$11k range.

The COVID-19 pandemic and resulting economic crisis in 2020 proved Bitcoin’s value as a hedge against inflation and currency devaluation. Stimulus spending eroded fiat savings while Bitcoin held its value.

Growing institutional interest like Microstrategy’s $500M Bitcoin purchase helped take prices past 2017 highs, eventually reaching an all-time high of around $68,000 in 2021.

2021-2022 – Twin Peaks and Recession Risk 

BTCUSD_2023-08-25_09-41-59Bitcoin price made not one, but two new highs in 2021. The second high failed to move significantly past the first high, catching investors off-guard who had anticipated BTC reaching $100,000 or more. 

Instead, Bitcoin crashed throughout 2022 as the US Federal Reserve launched its QT program and began raising interest rates to fight back against inflation. The situation was worsened by the implosion of several crypto businesses, including FTX. Eventually, Bitcoin reached a local low of $15,800 in November 2022. 

How is Bitcoin Doing Now in 2023?

BTCUSD_2023-08-25_09-43-06

Bitcoin price is doing its best to recovery from the crypto market carnage of 2022. The US Federal Reserve continues to raise rates to record levels, and the US SEC is cracking down on the rest of the crypto industry, making it harder for Bitcoin to regain its footing.

Despite the challenges, many institutions are eying launching Bitcoin EFTs, which could create a bullish narrative that drives prices higher. In the meantime, BTC is correcting after spending the majority of 2023 in a short-term uptrend. The question remains: Is Bitcoin falling back into a bear market, or will the short-term uptrend roll into a more meaningful mid-term uptrend?

Short-Term Bitcoin Price Prediction for 2023

bitcoin price prediction 2023

In the short-term, as in before the end of 2023, there are primarily three options from a technical standpoint. The bullish scenario is based on Elliott Wave Principle, and points to a wave 5 and a possible new all-time high this year. The bearish scenario would put Bitcoin in a further corrective pattern, targeting $6,000 per BTC.

Of course, an alternative scenario is that Bitcoin simple remains in a sideways consolidation phase for several months longer to finish out 2023. Otherwise, a Bitcoin price prediction of $160,000 in 2023 isn’t impossible given past price trajectories and percentage moved.

Medium-Term Bitcoin Price Prediction for 2024 & 2025

bitcoin price prediction 2024 2025In the medium-term, Bitcoin price forecasts are based on the four-year cycle theory that relies on the Bitcoin block reward halving to tip the tides of supply and demand in favor of price appreciation. Fundamentally over the next several years, Bitcoin should have limited downside.

Instead, Bitcoin price predictions for 2024 and 2025 point to anywhere between $100,000 to $250,000 per coin on the upside.

Long-term Bitcoin Price Prediction for 2030 and Beyond

bitcoin price prediction 2030

Predicting Bitcoin’s price in the long-term is challenging considering how new it still is. However, using a logarithmic growth curve, Bitcoin price predictions reach between $150,000 and $1 million per coin by 2030.

Further out into the future, if Bitcoin establishes itself as the leading global digital currency, it could be worth between $1 million and $10 million per coin.

Total 21 million BTC in supply would give Bitcoin a market cap of $21-$210 trillion, rivaling major assets like real estate and global broad money supply. But such valuations remain speculative. Bitcoin may also face future competition from both other cryptocurrencies and central bank digital currencies (CBDCs).

Bitcoin Price Predictions by Experts

Here are some Bitcoin price forecasts by noteworthy experts and analysts.

  • Ark Invest CEO Cathie Wood believes that Bitcoin could hit over $1,000,000 per coin in the long term, with a “base case” of $600,000.
  • Venture capitalist Tim Draper sees Bitcoin price ultimately at more than $250,000 per BTC by the end of 2025.
    • Standard Chartered has a Bitcoin price prediction of $120,000 by the end of 2024.

FAQ: Frequently Asked Questions

Here are answers to some common questions about this Bitcoin price prediction article:

What was Bitcoin’s lowest price?

The first recorded Bitcoin transaction in 2010 valued BTC at $0.0008. Bitcoin’s lowest recent price was around $15,800 in late 2022.

What was Bitcoin’s highest price?

Bitcoin’s all-time high price was around $68,000 in November 2021. 

How high could Bitcoin realistically go?

Considering growing mainstream adoption and investment interest, Bitcoin realistically could reach $100,000-$500,000 by 2030. A $1 million+ valuation cannot be ruled out in the very long-term.

Can Bitcoin price fall to zero?

It is unlikely Bitcoin price will crash to zero given its growing adoption, finite supply, and increasing regulation. There will likely always be some demand for Bitcoin which gives it fundamental value. Anything is possible, however. 

Why is Bitcoin price so volatile?

As a new asset class, Bitcoin is still establishing itself, leading to volatility. Manipulation by “whales”, media hype, and regulatory uncertainty add to large price swings. Price should stabilize with broader adoption.

When will Bitcoin price stop fluctuating so much?

Bitcoin price volatility should reduce significantly as it becomes a mainstream asset and gains broader public adoption in 5-10 years. But some short-term fluctuations will always remain.

Will Bitcoin price rise in 2023?

Considering adoption trends and investor interest, the overall Bitcoin price trajectory appears to be upwards in 2023 despite some short-term fluctuations. 

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Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC

Any Bitcoin price prediction is just a guess without a basis to make the forecast. The stock-to-flow model that was once the most cited reason for expectations of higher prices has failed, leaving technical analysis, on-chain signals, and statistics as the best chance of finding future price targets.

Elliott Wave Theory is a technical analysis forecasting methodology discovered in the 1930s, which is based on identifying extremes in investor psychology combined with distinctive price behavior. With Bitcoin and other cryptocurrencies being so susceptible to the ebb and flow of investor sentiment, here is what Elliott Wave Theory suggests about what is to come for Bitcoin price.

A Brief History Of BTC Price Action

The Bitcoin price index chart begins in late 2010, with the first-ever cryptocurrency trading at only pennies on the dollar. By the end of 2011, the price per BTC grew by more than 60,000%. Before the year came to a close, it has lost 94% of its value.

From the low of approximately $2, another bullish impulse added yet another 60,000% ROI by the 2013 peak. Yet another steep corrective phase followed, cutting the cryptocurrency down by 86%.

What followed was arguably the most talked about bull run since the dot com bubble, when in 2017 Bitcoin reached nearly $20,000 per coin. By now, we can see that extreme price swings and pivots in investors sentiment lead to boom and bust cycles across crypto. Bitcoin once again found a bottom at $3,000 in 2018, which will be the basis of the remainder of the analysis.

BTCUSD_2022-12-08_12-06-50

The first wave ever and the history of Bitcoin price | Source: BTCUSD on TradingView.com

An Introduction To Elliott Wave Theory

First discovered by Ralph Nelson Elliott in the 1930s, Elliott Wave Theory is a basis for explaining how markets grow over time. The motive wave in EWT is an example of markets moving three steps forward, and two steps back.

These steps alternate back and forth between growth and corrective phases. Motive waves consist of five waves in total – with odd numbered waves moving in the direction of the primary trend, and even numbered waves moving against it.

Although corrective phases do result in a drastic decline in value, incremental growth always remains in the primary trend direction. Waves, both impulsive and corrective both appear in varying degrees and timescales.

For example, a five-wave impulse on the daily timeframe could only be a tiny portion of a multi-century Grand Supercycle. Figuring out where Bitcoin is along in its various wave cycles and degrees can help to predict future price action.

BTCUSD_2022-12-08_12-05-12

Bitcoin price prediction scenarios based on possible wave counts | Source: BTCUSD on TradingView.com

Reviewing The Current Market Cycle, According To EWT

Each wave in an impulse has unique characteristics which can help an analysis decipher where an asset is in an overall motive wave. Following the 2018 bear market bottom, crypto had a clean slate to move up from. In 2019, Bitcoin rallied to $13,800, showing the market there was still life in the speculative asset.

Nearly the entire rally retraced, which is a common characteristic of a wave 2 correction. Corrections tend to alternate between sharp and flat-style corrections. Sharp corrections are represented by zig-zags. Wave 2 behaved like a zig-zag and there is no denying that the March 2020 Black Thursday collapse was a sharp correction.

Wave 3 in Elliott Wave is typically the longest and strongest wave, marked by much wider participation than wave 1. The crowd begins piling at this point. Bitcoin gained national media attention as it reached new all-times during this wave. From there, things get more confusing.

Elliott Wave practitioners are divided among if BTCUSD completed its wave 4 and wave 5 phases already, or if wave 4 is still in progress and wave 5 is yet to come. Using these two scenarios, some targets can be considered.

BTCUSD_2022-12-08_12-00-34

Things could get extremely bearish for Bitcoin if the cycle has ended | Source: BTCUSD on TradingView.com

The Bearish And Bullish Scenarios And Targets

In the bearish scenario, a truncated wave 5 ended the Bitcoin bull run and sent the crypto market into its first true bear phase, with wave 5 of V finished and done, ending the primary cycle (pictured above).

Completed bull markets often retrace back into wave 3/4 territory when the motive wave is completed. Bearish price targets put the negative Bitcoin price prediction from anywhere between $9,000 to as low as $2,000 in a complete collapse of the market. A larger catastrophe in the stock market and housing could ultimately do the trick by pulling whatever capital that’s left out of crypto.

The bullish scenario is much more positive, and better fits with what Elliott Wave Theory calls “the right look” and proper counting. In the bullish scenario, Bitcoin is in the final stages of an expanded flat correction, and once the sentiment and price extremes are finished, the top cryptocurrency will be fast off to setting another bullish price extreme and sentiment switch, much faster than anyone is prepared for.

BTCUSD_2022-12-08_11-58-00

BTC appears to be in the final stages of an expanded flat wave 4 correction | Source: BTCUSD on TradingView.com

Using EWT To Make A Bitcoin Price Prediction

The magic behind Elliott Wave Theory and why it influences growth in financial markets is due to its relationships with Fibonacci numbers. Fibonacci numbers are based on the Fibonacci sequence, which is related to the golden ratio. The Fibonacci sequence reads 0, 1, 1, 2, 3, 5, 8, 13, 21 and so on.

In Elliott Wave Theory, there are 21 corrective patterns ranging from simple to complex. A motive wave is 5 waves up, while corrective waves are 3 waves down, creating a total of 8 when added them up. A full realized impulse wave with all sub-waves is 21 waves up, while corrective phases are up to 13 waves down. Every Fibonacci number from the sequence is included in some capacity.

Corrections also stop at Fibonacci retracement levels, and impulses reach Fibonacci extensions as price targets. Wave 5 is usually equal to wave 1 or wave 3 in terms of magnitude. If wave 5 is extended, and it often is in crypto, wave 5’s target could fall somewhere between 1.618 of wave 3, or 1.618 of the sum of wave 1 and wave 3.

Bitcoin price reached the 3.618 extension from the bear market bottom, making it possible that the top cryptocurrency overshoots once again. On the lowest end, a 1.618 price target would put the peak of BTC for this cycle somewhere close to $96,000 per coin, while another 3.618 extension could take the top cryptocurrency all the way to $194,000 per BTC.

This makes the Bitcoin price prediction using EWT anywhere between $100K to $200K before the cycle is over. You can watch this Bitcoin price prediction unfold in real-time by bookmarking the idea on TradingView.

BTCUSD_2022-12-08_11-53-56

A possible Bitcoin price prediction based on Fibonacci extensions | Source: BTCUSD on TradingView.com

Featured image from iStockPhoto, Charts from TradingView.com

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What Bitcoin Needs To Regain Its Higher Marks, Analyst Explains

The crypto market crash started from the Feds and its fight against inflation. The announcement to increase interest rates caused a panic that created doubts in the minds of crypto investors. As the Federal Reserve implemented the plan, the overall financial markets, including crypto, plunged. 

Another factor that helped push crypto prices down was the crash of Terra Luna USDT. The algorithmic stablecoin depegged, leading to massive losses that plunged the market into oblivion. Since then, crypto prices have fluctuated in a terribly prolonged crypto winter. 

Related Reading: Serum (SRM) Price Looks Set After Hibernation, Can Price Go To $1?

Cryptos such as Bitcoin and Ethereum lost their massive gains, and many crypto projects disappeared completely. 

But the Summer Hasn’t Been Good Either 

Some analysts opined a price rally as the market lamented over the continuing crypto winter. But unfortunately, these predictions seem to be delayed as the crypto market records more fluctuations. 

For instance, Bitcoin has lost more than 37% since the market downtrend. June 2022 brought a lot of price crashes for the coin like never recorded before. The next month, July saw a little gain of 17% in BTC price, but that rally was short-lived. The coin lost everything and is now trading below the $20 mark. 

Bitcoin even dived deeper on September 7 when the price plummeted below $19K; it recovered quickly. So what’s the way forward for the number one crypto?

Bitcoin’s price is currently trading above $19,000. | Source: BTCUSD price chart from TradingView.com
Analyst Indicates A Solution To BTC Recovery 

While the investors await a price rally for Bitcoin and others, an analyst has indicated that such occurrence depends on the Federal Reserve. 

Dan Nathan, the RiskReversal Advisors principal stated this during the popular CNBC’s “Fast Money” episode. According to Nathan, Bitcoin can only reverse to a bullish trend if the Feds change their stance on the inflation fight approach. 

Recall that in the last Federal Reserve annual meeting held on August 26, 2022, Jerome H Powell made a speech that caused concerns for investors. The feds’ chair declared a more aggressive approach in the agency’s fight against inflation. 

Before the meeting, Neel Kashkari suggested using the Vokcker approach. Given that Kashkari was initially dovish in his stance, the crypto community became worried. Powell intensified the panic when he announced that the agency would intensify its strategies. So, the likelihood of the feds pivoting in its approach is farfetched.

To say that these outplay affected crypto prices is an understatement. Many coins started a downward trend from that day and are still at it until now. The short-lived rallies are no match for the frequent pullbacks. 

Related Reading: On-Chain Data Shows Bitcoin Whale Dumping Behind Dip Below $19k

Bitcoin dominance has plummeted to its lowest ever. Nathan even stated that the coin is trading like an ordinary stock currently. So, a rally for the number one crypto may not be possible this 2022, given that the feds are not about to pivot.

Featured image from Pixabay and chart from TradingView.com

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Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

According to Tradingview, the world’s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.

Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.

  Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes

Bitcoin’s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.

In addition, it reflects global financial uncertainty driven by increasing inflation as investors seek to sell “riskier assets” such as cryptocurrencies.

The Bitcoin 3-Day Chart Indicates March 2020 Crash

The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin’s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.

After opening the week above $9,000, the cryptocurrency suddenly fell below $4,000 on March 13, 2020. However, as of the end of U.S. markets, it had returned to around $5,400.

Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com

For the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said that the global pandemic of the coronavirus caused investors to move their money into cash as a form of protection.

He further added that Bitcoin’s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin and other asset classes.

Reason Behind Bitcoin Plunging To New Lows

One factor contributing to bitcoin’s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.

Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin market.

 Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K

The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin’s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.

As the company’s announcement stated:

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

Featured image from Flickr and chart from TradingView.com

 

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Micheal Saylor Says Current Volatility Irrelevant, Predicts Bitcoin At $1 M

Maximalist Bitcoin holder and the Chairman and CEO of the MicroStrategy company, Micheal Saylor, is still bullish on the Bitcoin despite the bearish market. While commenting on the new regulatory bill of June 07 in an interview with CNBC on June 08, he predicted Bitcoin’s price to be around $1 million in the future.

To back his statement, he highlighted the new crypto bill proposed by Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis to bring the crypto-friendly rules. Saylor added that Bitcoin is a “real thing that is going to be with us.”

Related Reading | Do Knwon Turns Twitter Account To Private After LUNA Slumps

The interviewer argued about the possibility of BTC falling down, and his company MicroStrategy, which nearly holds 130,000 BTC, could face more losses. Saylor replied that Bitcoin would not likely plummet to zero. Furthermore, he discussed the current volatility is largely irrelevant.

While providing arguments for his belief in Bitcoin growth, he pointed out that both skeptics and deniers, who speculated BTC would crash or governments would shut down the asset class soon as it was not real, proved wrong. Governments instead seek to regulate it, and the price has not dropped to zero yet; he added, “If Bitcoin is not going to zero, then it’s going to a million.” 

American tech tycoon further stated that Bitcoin is “obviously better than gold and everything that gold wants to be.” He noted that if the BTC had the same nature as gold, it “would be only five hundred thousand USD per coin.”

Bitcoin price currently trades above $30,000. | Source: BTC/USD chart from TradingView.com
Saylor Believes People Now Recognizing Virtual Assets 

Saylor highlighted that people are now changing their perspectives on cryptocurrency. He mentioned the new crypto-friendly bill, created by senators Kristen Gillibrand and Cynthia Lummis, and Janet Yellen’s speech on April 07 at American University. Yellen, in her speech, recited the vision of Bitcoin creator Satoshi Nakamoto and revealed how Bitcoin could play a crucial role in the United States.

Considering these facts, Saylor believes that people have now started to realize that BTC is here to stay with us and will expand the adoption ahead.

It was not the first time Saylor speculated BTC’s price at $1 million. A few weeks ago, he expressed his vision of it skyrocketing to the million mark.

He added at the time:

There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.

Related Reading | TA: Bitcoin Stuck In Key Range, Why A Major Breakout Is Possible

The cloud-based company MicroStrategy started interacting with Bitcoin in August 2020. In fact, it began accumulating portions of its corporate balance sheet. Since continually gathering BTCs, it currently holds around 130,000 BTC. Per the previous statements of the CEO, he had no intentions to change its possessions. Instead, he thinks about accumulating more BTC.

Featured image from Pixabay and chart from TradingView.com