After reaching a peak of around $70,000 in July, Bitcoin plunged to below $48,000 by early August.
The price has since shown signs of recovery, bouncing back to approximately $62,500.
Path to $1 million, a bold forecast
Himanshu Maradiya, founder and chairman of CIFDAQ Blockchain Ecosystem has made a pretty bold prediction that Bitcoin could hit $1,000,000 by 2025.
While this forecast may seem ambitious, Maradiya told that there are several factors that he believes could push Bitcoin toward this level.
One of the key drivers he highlights is the growing adoption of Bitcoin, alongside the approval of Bitcoin ETFs in various countries.
These are the positive factors, but there are negatives too, like concerns over the devaluation of fiat currencies, what are also playing a role in this potential rise.
Maradiya also mentioned the impact of the fourth halving event on April 20. this year, which reduced the rate at which new Bitcoins are created.
Historically, such halvings havealways led to big price increases due to the reduced supply.
“Predicting a $1,000,000 Bitcoin might seem overly optimistic, but the increasing institutional interest and regulatory support for cryptocurrencies make this scenario plausible.”
Maradiya isn’t alone
Former BitMEX CEO Arthur Hayes echoed this view, and also suggested that Bitcoin could grow to $1,000,000 in the current market cycle.
In an interview with DL News, Hayes attributed this spike to global financial changes and rising debt levels.
“The Bitcoin price in this cycle is going to go very, very high. Hundreds of thousands of dollars, maybe $1 million, and we’re entering a period of significant change in the global monetary system.”
$100,000 first, or $40,000?
Rajagopal Menon, Vice President of India’s largest crypto exchange, WazirX, has also shared some views on Bitcoin’s potential.
Menon believes that Bitcoin could reach the range between $90,000 and $100,000 before the year concludes.
“The $100,000 mark represents a significant psychological barrier. Bitcoin may face substantial resistance around this level, which could impact its short-term performance.”
Another veteran trader and expert, Peter Brandt predicting that Bitcoin could reach $150,000 by the end of 2025.
But Brandt also cautioned that there is a 50% chance Bitcoin might dip below $40,000 before the effects of the latest halving fully take hold.
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