Bitcoin Price Prediction: Can Bitcoin Reach $1,000,000 by 2025? (2024)

2024 began with significant momentum for cryptocurrencies like Bitcoin and Ethereum, eliciting enthusiasm among crypto enthusiasts. As of May 24, 2024, BTC is trading at $67,165, boasting a market capitalization of $1.33 trillion, representing a 3.83% decrease in the last 24 hours. However, it experienced a recent increase, hovering around the $69,000 mark and increasing by 1.30% over the previous seven days.

BTC, the leading cryptocurrency, has endured a tumultuous period, shedding approximately 65% of its market value over the past year. Crypto enthusiasts were taken aback by unforeseen events such as the Terra Luna crash, FTX decline, macroeconomic factors, and Binance’s legal issues. Nonetheless, the crypto market exhibited a remarkable recovery towards the end of the year, with BTC showing promising growth.

Bitcoin surged to impressive heights, surpassing its all-time high of $69,170 on March 8, 2024, reaching $70,083. Subsequently, on March 14, 2024, BTC again exceeded its previous peak, reaching $73,750. This surge propelled its market capitalization to $1.44 trillion, contributing to the overall crypto market capitalization of $2.77 trillion, reflecting exceptional performance.

Bitcoin’s Recovery Journey

After surpassing the psychological threshold of the $31,000 mark, Bitcoin started exhibiting a bearish trend and traded below $30K levels for most of the last year. However, it has shown remarkable recovery in the latter months of the year. The world’s largest cryptocurrency, BTC, which was on a recovery path, has increased around 206.68% in one 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 around $69,157.

The world’s largest cryptocurrency, BTC, which was on a recovery path, has increased around 150.88% in one 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 believed that if BTC maintained its level of $30,000, it could likely bounce back from there. Looking at the current scenario, Bitcoin surpassed its all-time high in March but witnessed a downtrend later.

In April 2023, the top cryptocurrency Bitcoin touched the key resistance of the $30,000 level for the first time since June 10, 2022, and then started dipping below to $26,000. It significantly rose to $45,203 after May 2022. Crypto experts believe that if Bitcoin maintains the $45,000 level and beyond, it could reach $60,000 by the end of 2024. In the first three months of the year, BTC has already touched the level of $73,750 and set a new record for an all-time high.

While the future of Bitcoin is unknown, retail investors must be very cautious about every move of Bitcoin, as it has witnessed tumultuous before. Moreover, India’s stance on cryptocurrencies continues to be firm with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act. In a specific gazette notification, the Union Finance Ministry of India stated that all the transactions related to digital assets or virtual currency would fall under the purview of the Prevention of Money Laundering Act (PMLA).

The new development may appear damaging 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, the enforcement agencies will immediately take recourse to any discrepancies.

The Spot Bitcoin ETFs have been a tremendous factor in Bitcoin’s growth. After the SEC approved the ETFs in the U.S., retail investors showed great interest, leading to Bitcoin surpassing its all-time high.

One of the other reasons crypto experts are hopeful about Bitcoin is that this year, 2024, will be a year for Bitcoin’s halving event. The Bitcoin halving event happens every four years, during which BTC rewards to its miners are cut by 50% (the miner’s payout will be reduced to 3.125 BTC). This event is usually positive for Bitcoin’s price, as it helps contract supply. Historically, halving has been seen as a great sign for bringing momentum to Bitcoin’s price.

Bitcoin Halving History

The above table shows that past Bitcoin halving events have established long-term bullish drivers for Bitcoin’s price. The Bitcoin halving event relates to its deflationary tendency and crushing its supply, which helps the Bitcoin price to rise further. As BTC is a decentralized cryptocurrency, any central banks or governments can’t print it, and thus, Bitcoin’s total supply is limited.

Moreover, “Bitcoin Whales,” referring to large investors, have started accumulating Bitcoin again. According to data from the on-chain aggregator Santiment, these large Bitcoin whales, holding 1,000-10,000 BTC in their wallets, indicate that investors have been filling up their wallets with a substantial amount of Bitcoins. This accumulation may contribute to boosting 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 occur in the month of April. It forms the basis of Bitcoin’s monetary policy and supports its increasing scarcity by cutting Bitcoin’s supply growth rate in half approximately every four years.

At one point, Bitcoin’s supply growth rate exceeded 10%, but it was cut to about 1.75%. In the halving month, i.e., anticipated in April this year, it will fall to just 0.85%. The BTC halving will continue until all 21 million coins are mined, sometime in the year 2140. Currently, around 19.6 million BTC coins are circulated in the cryptocurrency market.

Geoff Kendrick, head of crypto research at Standard Chartered Bank, believes that the BTC price will hit $100,000 by the end of the current year. Bitcoin’s halving can be one 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: The figures are taken from CoinMarketCap.

Can Bitcoin Reach $1,000,000 by 2025?

Bitcoin enthusiasts often make overly optimistic and sometimes unrealistic predictions for their favorite cryptocurrency. After this mini-bull run, numerous discussions have taken place around Bitcoin, the world’s largest digital coin. Some speculate that the crypto coin could reach $10 lakh by 2025.

Several well-known personalities have rolled this hypothetical and notable figure of $10 lakh in the crypto world. Recently, Standard Chartered, one of the leading British Multinational Banks, raised its prediction price for BTC from $1,00,000 to $1,20,000 by the end of 2024 in one of its most recent research reports, citing more profit to BTC miners. The MNC bank forecasts BTC to reach $50,000 by the end of this current year.

The Chinese-Canadian Bitcoin entrepreneur and CEO of crypto firm JAN3, Samson Mow, believes that the cryptocurrency will reach $1 million in the next five years. With several such wild guesses, Balaji Srinivasan, an investor and the former technology chief at Coinbase, bet that BTC could reach $10 lakh or more in just 90 days.

Srinivasan made this strong statement by merely believing that as the world enters the stage of hyperinflation, the value of the dollar will weaken, and people will start buying more and more BTC. The term “Hyperinflation” means an extreme increase in the price of goods and services over a period of time.

On the other hand, cryptocurrency experts believe BTC might touch $10 lakh in the coming years, but not that soon. Predicting this level in 2023 or in 90 days is just not possible.

Marshall Beard predicted, “Bitcoin will be a million dollars in 90 days. Some crazy things are happening in the world, which we don’t want.” However, he said it might take 10 years to reach this extreme prediction.

Bottom Line

Among the myriad predictions on Bitcoin, the bottom line remains that it has experienced several downfalls and has emerged stronger than before each time. Its resilient nature instills a sense of belief in crypto enthusiasts who see value in investing in decentralized currencies.

Only time can tell whether Bitcoin soars higher or faces challenges, and trading Bitcoin should be done with full awareness; your investment may yield a different return than the anticipated return.