Bitcoin's Path to $1M Could Be 'Very Boring'
According to anonymous analyst PlanB, Bitcoin's path to $1 million per token may be smoother and less dramatic than many market participants expect.
“What if Bitcoin doesn’t just slowly go up and to the right from here on out, with long, drawn-out, and unprecedented 10-30% corrections and consolidations?” Bitcoin analyst PlanB mused in a Sunday post on X.
“Instead, we’ll just continue to slowly grow towards $1,000,000 over the next seven years in a very boring and unimpressive way,” PlanB added, noting the growing recognition and adoption of Bitcoin (BTC) by the traditional financial system and large institutional players.
PlanB said that every time the price of Bitcoin fluctuates for a long period, people think that the cycle is over and expect the price to drop by 80% so that they can buy the asset cheaper, but this does not happen.
For months, the industry has been debating whether rising demand from spot Bitcoin ETFs and Treasury bonds has disrupted Bitcoin's four-year cycle.
However, not everyone shares PlanB's forecast.
Omega Candle Could Send Bitcoin Soaring $100,000 in a Day
Jan3 founder Samson Mow predicts that Bitcoin will soon see an “omega candle” that would push the price up $100,000 in a single day. In June, Mow told the magazine that $1 million for Bitcoin “is a given at this point, maybe this year, maybe next year.”
Source: Samson Moe.
However, PlanB predicts that Bitcoin will hit $1 million by 2032, slightly later than some other industry executives predict.
Coinbase CEO Brian Armstrong recently predicted seven-figure growth for Bitcoin by 2030, and Eric Trump recently stated that there is “no doubt” that Bitcoin will reach $1 million in the next few years.
Others argue that Bitcoin hitting $1 million too soon would be a bad sign. On August 17, Galaxy Digital CEO Mike Novogratz said that Bitcoin hitting $1 million next year would be a sign of serious problems in the U.S. economy.
“The people who are cheering for Bitcoin to hit a million dollars next year, I said, ‘Guys, the only way it’s going to get there is if we’re really screwed internally,’” Novogratz said.
Everyone Prefers 'Small Corrections' for Bitcoin
Swyftx lead analyst Pav Handal said on Tuesday that “everyone wants the story to make sense with small corrections.”
“Corporate treasuries, institutional departments and even sovereign buyers are creating a stable base of demand,” Handal said, explaining that structured orders should theoretically smooth out sharp swings.
But he warned that the market was still in uncharted territory.
“We don't know how the market will react to the pressure,” he said.
“Buyers of Treasuries are not immune to traditional market forces,” Handal added.
“In fact, many of them rely on credit. If credit spreads widen and risk metrics start to fluctuate, as they should in a healthy market, those same strong hands could quickly become forced sellers,” he said.
Source: cryptonews.net
