Bitcoin Drawdown Sparks Speculation: Could BTC Reach $1M?
• Bitcoin is seeing a drawdown, sparking speculation the mini-bull run has come to an end.
• An analyst known as PlanB on Twitter put forth a bullish case for bitcoin, forecasting price above $32,000 in 2024 and between $100,000 and $1 million by 2025.
• Other notable personalities in the space have also given equally bullish forecasts.
Bitcoin Drawdown Sparks Speculation
Bitcoin is already seeing a drawdown which has sparked speculation that the mini-bull run has come to an end. However, over the long term, there is still a bullish case for the digital asset but how high the price will go remains anyone’s best guess.
PlanB’s Bullish Forecast
An analyst has taken to Twitter to share their own forecast, which paints one of the most bullish cases for bitcoin over time. In a YouTube video, the pseudonymous analyst known as PlanB on Twitter laid out a chart that showed an expected growth pattern for bitcoin through its beginning stages to suggest this pattern in action over the years. The chart follows through with an old and new stock-to-flow model (S2F model) and BTC price tied together to show progression in each one respectively. Following this pattern, PlanB said the price of bitcoin will likely be above $32,000 in 2024, which is when there will be another BTC halving event. On a much longer basis, this same model puts Bitcoin’s price between $100k – $1 million by 2025.
Other Notable Predictions
PlanB isn’t alone in making these predictions – ARK Invest’s Cathie Wood also gave this exact prediction for Bitcoin but on a much longer timeframe (by 2030). Skybridge Capital’s CEO Anthony Scaramucci believes that Bitcoin’s price will cross $300k while Jan3’s Samson Mow believes it will reach $1 million within 5 years!
Can BTC Really Reach $1 Million?
The question remains: Can BTC really reach those heights? Despite all these predictions from various industry leaders and analysts alike it must be noted that no one can accurately predict where Bitcoin prices are headed – only time can tell if these bold claims actually turn out to be true or not!
At present time it appears that many are optimistic about Bitcoin’s future prospects despite its current drawdown—only time will tell if these predictions become reality or not!