News
Could Bitcoin reach $1,000,000 by 2025? – Forbes INDIA Consultant
The year 2024 has begun with significant momentum for cryptocurrencies such as Bitcoin and Ethereum, sparking excitement among cryptocurrency enthusiasts. As of March 18, 2024, BTC is trading at $68,497, boasting a market capitalization of $1.35 trillion, representing an increase of 4.67% over the past 24 hours. However, it has undergone a recent downtrend, settling around the $65,000 mark, and has declined by 5.15% over the past 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 previous 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
Welcome bonus on first deposit:
Get $30 in your verified trading account on your first deposit.
Variety:
Trade CFDs on cryptocurrencies, forex, stocks, metals, commodities and more!
Intuitive and economical:
Designed for traders of all levels, from beginners to professionals.
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 148.75% in a year. It is currently trading at $68,497 as of March 18, 2024 with a market capitalization of $1.35 billion and a global cryptocurrency market capitalization of $2.77 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 through its all-time high this month but witnessed a downtrend this week.
Although the future of Bitcoin is unknown, retail investors are expected to be very cautious regarding every single move of Bitcoin as it has witnessed tumultuous moves 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).
At first glance, the new development might seem detrimental to the cryptocurrency community in India. On the ground, the move has been lauded by the industry at large as it is a step towards regulation of this space, where in the absence of regulators, enforcement agencies will take action on any discrepancy.
Spot Bitcoin ETFs 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 where BTC rewards to miners are reduced by 50%, (miner payout will be reduced to 3,125 BTC). This event is usually considered 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
In the table above, we can see that previous Bitcoin halving events have been able to establish 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, being a decentralized cryptocurrency, cannot be printed by any central bank or government 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, which hold a range of 1,000 to 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 has been reduced to around 1.75%. In the halving month, i.e. expected in April, this year it will drop to just 0.85%. The BTC halving will continue until all 21 million coins are mined, around the year 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. The Bitcoin halving can be one of the sources of price increases.
As of March 18, 2024, BTC is trading at $68,202 with a market capitalization of $1.34 trillion. The halving is expected to occur in April 2024, when the block height will be reached 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, there are numerous discussions going on around Bitcoin, the world’s largest digital currency. Some speculate that the cryptocurrency could even reach the $10 lakh level by 2025.
This hypothetical and notable figure of $10 lakh has been floated by several famous personalities in the cryptocurrency world. Recently, Standard Chartered, a leading British multinational bank, increased the forecast price for BTC from $1,00,000 to $1,20,000 by the end of the year 2024 in one of its latest research reports citing higher profits for BTC miners. The multinational bank expects BTC to reach $50,000 by the end of this year.
Chinese-Canadian Bitcoin entrepreneur and CEO of cryptocurrency firm JAN3, Samson Mow, 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 may touch $10 lakh in the next few years, but not that soon and predicting this level in 2023 or in just 90 days is not possible.
Marshall Beard said: “Bitcoin will reach a million dollars in 90 days, crazy things are happening in the world, which we don’t want,” he said, however, that it could take 10 years to get close to 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
Welcome bonus on first deposit:
Get $30 in your verified trading account on your first deposit.
Variety:
Trade CFDs on cryptocurrencies, forex, stocks, metals, commodities and more!
Intuitive and economical:
Designed for traders of all levels, from beginners to professionals.
We invite you to invest carefully, your capital is at risk
Bottom line
Among the myriad of predictions about Bitcoin, the conclusion remains that Bitcoin has undergone several crashes and has emerged each time stronger than before. Its resilient nature instills a sense of confidence in the minds of cryptocurrency enthusiasts who see value in investing in decentralized currencies. Whether Bitcoin soars higher or faces challenges is something only time can tell, and Bitcoin trading should be done with full knowledge, your investment may not necessarily yield the expected returns.