The bull cycle was deemed over when the price of Bitcoin tragically fell toward $75,000 earlier in March 2025. Having notched an all-time high of above $100,000, most investors feared that the premier cryptocurrency had already reached its top for the current cycle.
Contrary to popular belief, the price of Bitcoin has since forged multiple new all-time highs, with the current record high at around $122,800. Interestingly, the now-popular market consensus is that it is only a matter of time before the BTC price reaches a seven-figure valuation.
How Will Bitcoin Hit $1 Million In 10 Years?
In a recent post on the X platform, Blockware Bitcoin analyst Mitchell Askew has joined a growing list of experts to put forward a $1 million projection for the premier cryptocurrency. According to the analyst, the price of BTC is expected to achieve this major milestone over the next 10 years.
What’s interesting is that Askew expects the Bitcoin price to reach a $1 million valuation in the next 10 years. The crypto intelligence expert believes that “the days of parabolic bull markets and devastating bear markets are over” for the flagship cryptocurrency.
Askew highlighted that Bitcoin looks like two entirely different assets before and after the launch of spot exchange-traded funds (ETFs) in the United States. With this shift, the analyst expects the price of BTC to reach $1 million through a consistent oscillation between “pump” and “consolidate.”
Askew added:
It will bore everyone to death along the way and shake the tourists out of their positions.
It is worth mentioning that Askew’s thesis aligns with the recent claim that the Bitcoin cycle theory is dead. In essence, both beliefs state that the premier cryptocurrency is now less likely to experience the extended bear market that typically follows after a bull run — a theory based on the introduction of institutional players through spot ETFs.
Bloomberg ETF Expert Supports ‘Pump And Consolidate’ Theory
Bloomberg ETF analyst Eric Balchunas agreed with Askew’s theory about the movement and trajectory of the Bitcoin price since the spot exchange-traded funds hit the market. According to the pundit, the Bitcoin market has witnessed less volatility and fewer corrections since BlackRock filed for a spot BTC ETF.
Ultimately, the air of increased stability around the premier cryptocurrency has made it a more attractive investment option for large institutional players. Balchunas also acknowledged that the BTC price is now less likely to experience major surges in short periods — as seen in the past.
Over the past week, the price of Bitcoin moved mostly sideways, oscillating between the $120,000 and $115,000 levels. As of this writing, the market leader is valued at around $117,900, reflecting a 0.4% price increase in the past day.
from Bitcoinist.com https://ift.tt/1dDB5fr
Comments
Post a Comment