Will Bitcoin Hit $1 Million?
One Analyst Believes so
One Analyst Believes so
According to one analyst, Bitcoin is all set to break its all time high record of $20,000 in a few weeks, eventually crossing 1 million Dollars by 2035.
In an online interview, Alex Saunders how the largest cryptocurrency’s movement recently is exactly the reasons that the current high is only a local one, with price seeing new heights in long and short terms. The CEO of Nugget’s News, Saunders believes that two scenarios are likely, with both seeing promising uptick in the price of Bitcoin. BTC can either jump to break its all time high of $20,000 in just a few weeks, or it’s going to be less volatile, moving in a range, with the price boom set for 2021.
Making a prediction, Saunders said that the latest trend in adoption and influx of money can lead to Bitcoin going up in the range of 6 figures easily in the next 5 years. Saunders also said that the resulting pressure from regulatory bodies and Bitcoin’s attraction will only further drive its value up, with chances of hitting the 1 million mark,
“I honestly think that Bitcoin will hit $100,000 in the next five years, and then it’s going to become about, ‘Well do they actually try and shut it down, or how do they regulate it and trade it?’ And if it’s allowed to just continue on its mission and absorb all the money from around the world and become a global reserve currency… I think we can get to $1 million per coin in the next, whatever that is, 15 years.”
Saunders is the latest of people who have predicted the meteoric rise of Bitcoin in the coming years. His prediction, however, is a lot conservative as his time line is longer. Stock to Flow model, one of the most accurate prediction model for Bitcoin as of yet, projects the same $100,000 mark by the end of 2021.
Where many predictors and analysts tend to concentrate their efforts on Bitcoin, Saunders did not forget to include Ether. The second largest cryptocurrency is also going to see major price jumps. His assumptions for Ether are even better than Bitcoin, with its new all time high much closer, probably less than a year away.
Saunders said that the recent trends show that this is quite a possibility. He dismissed the recent lack luster performance. Unlike all the other coins in the market, Ether failed to follow Bitcoin’s growth spurt, despite major push factors such as the start of the next iteration of the network, ETH 2.0. The move from proof of work towards a more energy efficient proof of stake will bring significant changes to the network, with mining competition not based on computing power, but loyalty to the network.
The estimates for ETH’s all time high are a bit varied this time, with it ending up anywhere from $10,000 to up to twice that. The first major obstacle it will face is around the $600 mark. It’s expected that many traders will start to capitalize their profits and this could lead to a selling frenzy. On the other hand, traders can also turn towards buying more driving the value in the $700 to $900 range. Once this range is breached, there will be little to no resistance as FOMO takes over and the price shoots in a near straight line upwards.