Bitcoin Price Predicted to Reach $1 Million

Bittime - Bitcoin, the flagship crypto asset, is increasingly attracting the attention of fans and market analysts with its fantastic price predictions. Renowned Bitcoin developer Samson Mow has long claimed that BTC will reach $1 million, and now he has reiterated his optimistic view. Mow even mentioned when exactly this cryptocurrency will reach its unprecedented price target.

When Will Bitcoin Hit $1 Million

Samson Mow believes that Bitcoin will reach $1 million within a year. This belief is based on several main factors that he mentioned. First, Mow stated that demand for Bitcoin exceeds its supply. In this context, he highlighted the upcoming Bitcoin halving, which is expected to cause a supply shock for this crypto token. Mow believes that BTC prices will “react accordingly” as demand continues to beat supply.

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Other Driving Factors

Apart from the halving, Mow also mentioned the Bitcoin Spot ETF as another factor that will drive BTC prices higher. This ETF has accumulated a significant amount of BTC, which will also contribute to the surge in Bitcoin prices.

Dampak Repayment Bitcoin Mt. Gox

Mow responded to concerns about the negative impact of Bitcoin paybacks by Mt. Gox on the price of this crypto. He argues that only about 20% of Mt. Gox will enter the market, while the rest will be moved to cold storage or loaned out. As such, Mow does not see this as a significant threat to Bitcoin's price.

Early Bull Run

Mow also talked about when exactly the bull run will start. According to him, the bull run started when Bitcoin reached $100,000. He added that the recent market decline was simply “the debunking of a falsehood to make retail think that Bitcoin is over.” Predictions from some crypto analysts, such as PlanB, support this view, stating that BTC could reach $100,000 this year.

More Conservative Price Target

While many are optimistic about Bitcoin's incredible price rise, some crypto analysts are giving more conservative price targets. Mikybull Crypto, for example, says the optimal target is between $138,000 to $150,000 in this bull run. Other analysts, such as Cryptorphic, predict BTC could rise to $156,000 next year, while Skybridge Capital CEO, Anthony Scaramucci, expects Bitcoin to reach $170,000 by 2025. Cryptoquant CEO, Ki Young Ju, predicts that BTC could reach $265,000 in this market cycle based on the Hashrate ratio /Market Cap.

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Conclusion

The prediction of Bitcoin price reaching $1 million in the near future is an interesting and debated topic by many experts in the crypto field. With various factors contributing to this potential price increase, such as the Bitcoin halving and ETF accumulation, investors and market observers continue to monitor these developments with great anticipation. Regardless of whether these predictions will prove correct or not, it is clear that Bitcoin remains a major focus in the world of crypto investing.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime.