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Can Bitcoin Reach $1,000,000 by 2025? – Forbes INDIA Advisor
The year 2024 started with significant momentum for cryptocurrencies like Bitcoin And Ethereum, sparking enthusiasm among crypto enthusiasts. As of May 24, 2024, BTC was trading at $67,165, with a market cap of $1.33 trillion, down 3.83% over the past 24 hours. However, it has seen an increase recently, hovering around the $69,000 mark and increasing by 1.30% over the previous seven days.
BTC, the leading cryptocurrency, has been going through a tumultuous time, losing around 65% of its market value over the past year. Crypto enthusiasts have been surprised by unforeseen events such as the Terra Luna crash, FTX decline, macroeconomic factors, and Binance’s legal issues. Nonetheless, the crypto market saw a remarkable recovery towards the end of the year, with BTC showing promising growth.
Bitcoin has reached impressive heights, surpassing its all-time high of $69,170 on March 8, 2024, to reach $70,083. Subsequently, on March 14, 2024, BTC again surpassed its previous high, reaching $73,750. This surge propelled its market cap to $1.44 trillion, contributing to the overall crypto market cap of $2.77 trillion, reflecting exceptional performance.
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The Bitcoin Recovery Journey
After surpassing the psychological threshold of $31,000, Bitcoin began exhibiting a downtrend and traded below $30,000 levels for most of the last year. However, it saw a remarkable recovery in the final months of the year. The world’s largest cryptocurrency, BTC, which was on the path of recovery, increased by around 206.68% in a year. It is currently trading at its all-time high, surpassing its 2021 all-time high and setting a new benchmark at $70,083 on March 8, 2024. The current valuation is around $69,157.
The world’s largest cryptocurrency, BTC, which was on the path of recovery, increased by around 150.88% in a year. As of May 24, 2024, it is currently trading at $67,165, with a market cap of $1.33 billion and a global cryptocurrency market cap of $2.51 trillion.
Cryptocurrency experts believe that if BTC maintains its $30,000 level, it could likely rebound from there. Looking at the current scenario, Bitcoin surpassed its all-time high in March but then saw a downward trend.
In April 2023, the leading cryptocurrency Bitcoin touched key resistance at the $30,000 level for the first time since June 10, 2022, and then began to decline below $26,000. It increased significantly to $45,203 after May 2022. Crypto experts believe that if Bitcoin maintains the level of $45,000 and beyond, it could reach $60,000 by the end of 2024. Over the first three months of the year, BTC has already reached the level of $73,750 and set a new high for an all-time high.
Although the future of Bitcoin is unknown, retail investors should be very cautious about Bitcoin’s every move, as it has already witnessed some tumultuous ones. Additionally, India’s stance on cryptocurrencies continues to be strong, with the government subjecting all cryptocurrency-related transactions to anti-money laundering law. In a specific gazette notificationIndia’s Union Finance Ministry has said that all transactions related to digital assets or virtual currency will fall under the Prevention of Money Laundering Act (PMLA).
The new development may seem detrimental to the cryptocurrency community in India. On the ground, however, the move was welcomed by the industry as a whole as a step towards regulating this space. In the absence of regulators, law enforcement agencies will immediately resort to any discrepancies.
Spot Bitcoin ETFs have been a considerable factor in the growth of Bitcoin. After the SEC approved ETFs in the United States, retail investors showed great interest, which helped Bitcoin surpass its all-time high.
One of the other reasons why crypto experts are hopeful about Bitcoin is that this year, 2024, will be the year of Bitcoin halving. The Bitcoin halving event takes place every four years, during which the BTC rewards paid to its miners are reduced by 50% (the miner’s payout will be reduced to 3,125 BTC). This event is generally positive for the price of Bitcoin, as it helps contract the supply. Historically, the halving has been considered a good sign to boost the price of Bitcoin.
Bitcoin Halving History
The chart above shows that past Bitcoin halving events have established long-term bullish drivers for the Bitcoin price. Bitcoin’s halving event is linked to its deflationary trend and supply crushing, which contributes to the rise in Bitcoin’s price. As BTC is a decentralized cryptocurrency, no central bank or government can print it and therefore the total supply of Bitcoin is limited.
In addition, “Bitcoin Whales”, referring to large investors, have started accumulating Bitcoin again. According to data from on-chain aggregator Santiment, these large Bitcoin whales, holding between 1,000 and 10,000 BTC in their wallets, indicate that investors have filled their wallets with a substantial amount of Bitcoin. This accumulation could help drive up the price of Bitcoin.
Can Bitcoin reach $100,000 by 2024?
The current year is the year of the fourth Bitcoin halving. This should take place in April. It forms the basis of Bitcoin’s monetary policy and supports its increasing scarcity by halving the growth rate of Bitcoin’s supply approximately every four years.
At one point, Bitcoin’s supply growth rate exceeded 10%, but it has been reduced to around 1.75%. During the halving month, i.e. scheduled for April this year, it will fall to just 0.85%. The BTC halving will continue until all 21 million coins are mined, sometime in the year 2140. Currently, around 19.6 million BTC coins are circulating in the cryptocurrency market.
Geoff Kendrick, head of crypto research at Standard Chartered Bank, believes that the price of BTC will reach $100,000 by the end of the current year. The Bitcoin halving may be a source of price rises.
As of May 24, 2024, BTC was trading at $67,165 with a market cap of $1.33 trillion. The halving was completed on April 20, 2024, at block height 840,000.
Note: Figures are taken from CoinMarketCap.
Can Bitcoin Reach $1,000,000 by 2025?
Bitcoin enthusiasts often make overly optimistic and sometimes unrealistic predictions regarding their favorite cryptocurrency. After this mini-bull run, many discussions took place around Bitcoin, the largest digital coin in the world. Some believe that the crypto coin could reach $10 lakh by 2025.
Several well-known figures have floated this hypothetical and notable figure of $10 lakh in the crypto world. Recently, Standard Chartered, one of the leading British multinational banks, increased its predicted price for BTC from $1,00,000 to $1,20,000 by the end of 2024 in one of its most recent research reports. recent, citing more profits for BTC miners. MNC Bank predicts that BTC will reach $50,000 by the end of the current year.
Chinese-Canadian Bitcoin entrepreneur and CEO of crypto company JAN3, Samson Mow, believes the cryptocurrency will reach $1 million in the next five years. With several such wild guesses, Balaji Srinivasan, investor and former chief technology officer at Coinbase, bet that BTC could reach $10 lakh or more in just 90 days.
Srinivasan made this strong statement simply believing that as the world enters the hyperinflation phase, the value of the dollar will weaken and people will start buying more and more BTC. The term “hyperinflation” refers to an extreme increase in the price of goods and services over a period of time.
On the other hand, cryptocurrency experts believe that BTC could reach $10 lakh in the coming years, but not so soon. Predicting this level in 2023 or 90 days from now is simply not possible.
Marshall Beard predicted: “Bitcoin will be worth a million dollars in 90 days.” There are crazy things happening in the world that we don’t want. However, he added that it could take 10 years to reach this extreme prediction.
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Over 1 Million Investors Trust Mudrex with Their Crypto Investments
Security
Mudrex is the Indian government. recognized platform with 100% insured deposits stored in crypto wallets
Costs
Benefit from zero crypto deposit fees and the best fee rates in the industry.
Multiple award-winning broker
Listed on Deloitte Fast 50 Index, Best Global Foreign Exchange Broker 2022 – ForexExpo Dubai October 2022 and more
Best investment offer
Trade over 26,000 assets with no minimum deposit
Customer service
Dedicated 24/7 support and easy sign-up
Please invest carefully, your capital is at risk
Conclusion
Among the myriad of predictions about Bitcoin, the bottom line remains that it has experienced several falls and emerged stronger than before each time. Its resilient nature gives confidence to crypto enthusiasts who see the value in investing in decentralized currencies.
Only time will tell if Bitcoin soars or faces challenges, and Bitcoin trading should be done with full awareness; your investment may generate a return different from the expected return.
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