News
Could Bitcoin reach $1,000,000 by 2025? – Forbes INDIA Consultant
2024 has started with significant momentum for cryptocurrencies as Bitcoin AND Ethereum, sparking excitement among cryptocurrency enthusiasts. As of May 24, 2024, BTC is trading at $67,165, boasting a market capitalization of $1.33 trillion, representing a decline of 3.83% over the past 24 hours. However, it has seen a recent increase, settling around the $69,000 mark and rising 1.30% from the previous seven days.
BTC, the leading cryptocurrency, has been through a tumultuous time, losing around 65% of its market value over the past year. Cryptocurrency enthusiasts were surprised by unexpected events such as the collapse of Terra Luna, the decline of FTX, macroeconomic factors, and Binance’s legal problems. Nonetheless, the cryptocurrency market showed a notable recovery towards the end of the year, with BTC showing promising growth.
Bitcoin rose to impressive heights, surpassing its all-time high of $69,170 on March 8, 2024, reaching $70,083. Subsequently, on March 14, 2024, BTC once again surpassed its previous peak, reaching $73,750. This surge pushed its market capitalization to $1.44 trillion, contributing to the overall cryptocurrency market capitalization of $2.77 trillion, reflecting exceptional performance.
Featured partners
Inheritance
Over 1 million investors trust Mudrex for their cryptocurrency investments
Safety
Mudrex is the Indian government. Recognized platform with 100% insured deposits stored in encrypted wallets
Commissions
Enjoy zero cryptocurrency deposit fees and the best rates in the industry.
Award-winning broker
Listed in Deloitte Fast 50 Index, Best Global FX Broker of 2022 – ForexExpo Dubai October 2022 & more
Best-in-Class for investment offerings
Trade over 26,000 assets with no minimum deposit
Customer care
Dedicated 24/7 support and easy registration
We invite you to invest carefully, your capital is at risk
Bitcoin’s recovery journey
After crossing the psychological threshold of $31,000, Bitcoin began to exhibit a bearish trend and has been trading below $30,000 levels for much of the last year. However, it showed a notable recovery in the final months of the year. The world’s largest cryptocurrency, BTC, which was on the rebound, increased by about 206.68% in a year. It is currently trading at its highest level, surpassing its all-time high in 2021 and setting a new benchmark at $70,083 on March 8, 2024. The current valuation is approximately $69,157.
The world’s largest cryptocurrency, BTC, which was on the upswing, increased by about 150.88% in a year. As of May 24, 2024, it is currently trading at $67,165, with a market capitalization of $1.33 billion and a global cryptocurrency market capitalization of $2.51 trillion.
Cryptocurrency experts believe that if BTC had maintained its $30,000 level, it could probably have recovered from there. Looking at the current scenario, Bitcoin broke its all-time high in March but later witnessed a downtrend.
In April 2023, the leading cryptocurrency Bitcoin touched key resistance at the $30,000 level for the first time since June 10, 2022, and then started to fall below $26,000. It rose significantly to $45,203 after May 2022. Cryptocurrency experts believe that if Bitcoin maintains the level of $45,000 and above, it could reach $60,000 by the end of 2024. In the first three months of the year, BTC has already touched the $73,750 level and set a new record for an all-time high.
Even though the future of Bitcoin is unknown, retail investors need to be very cautious about Bitcoin’s every move, as it has seen tumultuous trading in the past. Furthermore, India’s stance on cryptocurrencies continues to be firm and the government has brought all cryptocurrency-related transactions under the ambit of the money laundering law. In a specific journal notificationIndia’s Ministry of Finance said all transactions involving digital assets or virtual currency would fall under the purview of the Prevention of Money Laundering Act (PMLA).
The new development may seem detrimental to the cryptocurrency community in India. On the ground, however, the move has been praised by the industry at large as a step towards regulating this space. In the absence of regulators, enforcement authorities will immediately appeal any discrepancies.
Spot Bitcoin ETFs they have been a tremendous factor in the growth of Bitcoin. After the SEC approved ETFs in the US, retail investors showed great interest, leading Bitcoin to surpass its all-time high.
One of the other reasons why cryptocurrency experts are hopeful about Bitcoin is that this year, 2024, will be the year of Bitcoin’s halving event. The Bitcoin halving event occurs every four years, during which BTC rewards for miners are reduced by 50% (miner payout will be reduced to 3,125 BTC). This event is usually positive for the price of Bitcoin, as it helps contract supply. Historically, the halving has been seen as a great signal to boost the price of Bitcoin.
Bitcoin halving history
The table above shows that previous Bitcoin halving events have established long-term bullish drivers for the price of Bitcoin. Bitcoin’s halving event is related to its deflationary trend and the collapse of its supply, which helps the price of Bitcoin rise further. Since BTC is a decentralized cryptocurrency, no central bank or government can print it and, therefore, the total supply of Bitcoin is limited.
Furthermore, “Bitcoin Whales”, referring to large investors, have started accumulating Bitcoin again. According to data from on-chain aggregator Santiment, these large Bitcoin whales, holding 1,000-10,000 BTC in their wallets, indicate that investors have filled their wallets with a significant amount of Bitcoin. This accumulation can help increase the price of Bitcoin.
Can Bitcoin Reach $100,000 by 2024?
The current year is the year of Bitcoin’s fourth halving. It is expected to happen in April. It forms the basis of Bitcoin’s monetary policy and supports its growing scarcity by halving the growth rate of Bitcoin’s supply approximately every four years.
At one point, Bitcoin’s supply growth rate exceeded 10%, but was reduced to around 1.75%. In the halving month, i.e. the one scheduled for April this year, it will only drop to 0.85%. The BTC halving will continue until all 21 million coins are mined, around 2140. Currently, there are approximately 19.6 million BTC coins circulating in the cryptocurrency market.
Geoff Kendrick, head of cryptocurrency research at Standard Chartered Bank, believes that the price of BTC will reach $100,000 by the end of this year. Bitcoin halving can be a source of price upside.
As of May 24, 2024, BTC is trading at $67,165 with a market capitalization of $1.33 trillion. The halving was completed on April 20, 2024, at block height 840,000.
Note: Figures are taken from CoinMarketCap.
Could Bitcoin reach $1,000,000 by 2025?
Bitcoin enthusiasts often make overly optimistic and sometimes unrealistic predictions for their favorite cryptocurrency. After this bull run, numerous discussions took place around Bitcoin, the world’s largest digital currency. Some speculate that the cryptocurrency could reach $10 lakh by 2025.
Several famous personalities have floated this hypothetical and notable figure of $10 lakh in the world of cryptocurrencies. Recently, Standard Chartered, a leading British multinational bank, increased the expected price of BTC from $1,00,000 to $1,20,000 by the end of 2024 in one of its most recent research reports, citing higher profits for miners of BTC. The multinational bank expects BTC to reach $50,000 by the end of this year.
Samson Mow, a Chinese-Canadian Bitcoin entrepreneur and CEO of cryptocurrency company JAN3, believes the cryptocurrency will reach $1 million in the next five years. With several wild guesses, Balaji Srinivasan, an investor and former chief technology officer at Coinbase, bet that BTC could reach $10 lakh or more in just 90 days.
Srinivasan made this strong statement simply believing that as the world enters the hyperinflation phase, the value of the dollar will weaken and people will start buying more and more BTC. The term “hyperinflation” refers to an extreme increase in the price of goods and services over a period of time.
On the other hand, cryptocurrency experts believe that BTC could touch $10 lakh in the next few years, but not so soon. Predicting this level in 2023 or 90 days from now is just not possible.
Marshall Beard predicted: “Bitcoin will be worth a million dollars in 90 days. Crazy things are happening in the world, which we don’t want.” However, he said it could take 10 years to reach this extreme prediction.
Featured partners
Inheritance
Over 1 million investors trust Mudrex for their cryptocurrency investments
Safety
Mudrex is the Indian government. Recognized platform with 100% insured deposits stored in encrypted wallets
Commissions
Enjoy zero cryptocurrency deposit fees and the best rates in the industry.
Award-winning broker
Listed in Deloitte Fast 50 Index, Best Global FX Broker of 2022 – ForexExpo Dubai October 2022 & more
Best-in-Class for investment offerings
Trade over 26,000 assets with no minimum deposit
Customer care
Dedicated 24/7 support and easy registration
We invite you to invest carefully, your capital is at risk
Bottom line
Among the myriad of predictions about Bitcoin, the conclusion remains that it has undergone several crashes and has emerged each time stronger than before. Its resilient nature instills a sense of confidence in cryptocurrency enthusiasts who see value in investing in decentralized currencies.
Only time will tell whether Bitcoin will fly higher or face challenges, and Bitcoin trading should be done with full awareness; your investment may produce a different return than expected.
More cryptocurrency assets
Explore our top cryptocurrency picks
Learn more about cryptocurrency
Coin forecast
Articles on price analysis
Cryptocurrency buying guides