Analyst Tells Forbes Bitcoin Could Hit $1,000,000 as Soon as Next Year

Bitcoin (BTC) has endured a tumultuous period over the past few weeks, with its value experiencing significant swings. After peaking at around $70,000 in July, the cryptocurrency plunged below $48,000 by August 5th. However, it has since demonstrated signs of resurgence, rebounding to approximately $62,500. Several analysts are making bold predictions about Bitcoin’s future trajectory amid these volatile shifts.

In a recent interview with Forbes, Himanshu Maradiya, founder and chairman of CIFDAQ Blockchain Ecosystem, presented an eye-catching forecast, suggesting that Bitcoin could potentially hit $1,000,000 by 2025. While this prediction might seem audacious, Maradiya believes several factors could drive Bitcoin towards this milestone.

Notably, the pundit pointed to the increasing adoption of Bitcoin, the approval of Bitcoin ETFs in various countries, and rising concerns over fiat currency devaluation as key drivers. The pundit also emphasized the recent halving event on April 20, 2024, which reduced the rate at which new Bitcoins are created, as another factor influencing his predictions. Historically, Bitcoin halvings have led to significant price increases due to reduced supply.

“Predicting a $1,000,000 Bitcoin might appear overly optimistic, but the increasing institutional interest and regulatory support for cryptocurrencies make this scenario plausible,” Maradiya stated.

Elsewhere, former BitMEX CEO Arthur Hayes recently suggested that Bitcoin might spike to $1,000,000 in the current market cycle. In an interview with DL News last week, Hayes attributed this potential surge to global financial shifts and high debt levels.

“The Bitcoin price in this cycle is going to go very, very high. Hundreds of thousands of dollars, maybe $1 million.” Said, Hayes. “We’re entering a period of significant change in the global monetary system.”

Elsewhere, Rajagopal Menon, Vice President of India’s largest crypto exchange, WazirX, commented on Bitcoin’s potential. Menon believes Bitcoin could initially target between $90,000 and $100,000 before the year ends.

“The $100,000 mark represents a significant psychological barrier,” Menon said. “Bitcoin may experience substantial resistance around this level, which could affect its short-term performance.”

Veteran trader Peter Brandt has also echoed a bullish outlook, predicting that Bitcoin could reach $150,000 by the end of 2025. Like Maradiya, Brandt’s forecast is based on historical trends associated with Bitcoin’s halving cycles, often leading to bullish market phases. However, Brandt also cautioned that there is a 50% chance Bitcoin might drop below $40,000 before the effects of the latest halving fully materialize.

Bitcoin traded at $59,234 at press time, reflecting a 1.03% drop over the past 24 hours.