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

The year 2024 commenced with significant momentum for cryptocurrencies like Bitcoin and Ethereum, eliciting enthusiasm among crypto enthusiasts. As of March 18, 2024, BTC is trading at $68,497, boasting a market capitalization of $1.35 trillion, representing a 4.67% increase in the last 24 hours. However, it experienced a recent downtrend, hovering around the $65,000 mark, and decreased by 5.15% in the last 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 previous all-time high of $69,170 on March 8, 2024, reaching $70,083. Subsequently, on March 14, 2024, BTC once 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 148.75% in one year. It is currently trading at $68,497 as of March 18, 2024 with a market capitalization of $1.35 billion and the global cryptocurrency market capitalization of $2.77 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 has surpassed its all-time high this month but witnessed a downtrend this week.

While the future of Bitcoin is unknown, retail investors are required to be very cautious about each and 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).

On the face of it, the new development may appear damaging to the cryptocurrency community in India. On the ground, the move has been praised by the industry at large as this is a step towards regulating this space, where in the absence of regulators, the enforcement agencies will straight up take recourse to any discrepancies.

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

One of the other reasons why 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 in 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 viewed as positive for Bitcoin’s price, as it helps in contracting supply. Historically, halving has been seen as a great sign for bringing momentum to Bitcoin’s price.

Bitcoin Halving History

In the above table, we can see that past Bitcoin halving events have been able to establish 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, being a decentralized cryptocurrency, can’t be printed by any central banks or governments and thus Bitcoin’s total supply is limited.

Moreover, “Bitcoin Whales,” referring to large investors, have started accumulating Bitcoin once again. According to data from the on-chain aggregator Santiment, these large Bitcoin whales, holding a range from 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 the supply growth rate of Bitcoin exceeded 10%, but it has been cut to about 1.75%. In the halving month, i.e. anticipated in the month of April, this year it will fall to just 0.85%. The BTC halving will continue until all the 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 is set to hit $100,000 by the end of the current year. Bitcoin halving can be one of the sources of price upside.

As of March 18, 2024, BTC is trading at $68,202 with a market capitalization of $1.34 trillion. The halving is expected to take place in April 2024, when the block height reaches 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, there are numerous discussions happening around Bitcoin, the world’s largest digital coin. Some speculate that the crypto coin could even reach a level of $10 lakh by 2025.

This hypothetical and notable figure of $10 lakh has been rolled by several well-known personalities in the crypto world. Recently, Standard Chartered, one of the leading British Multinational Banks raised its prediction price for the BTC ranging from $1,00,000 to $1,20,000 by the end of the year 2024 in one of its most recent research reports citing more profit to BTC miners. The MNC bank forecast 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, took a 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 goes into the stage of hyperinflation, the value of the dollar will get weak due to which the 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 and predicting this level in the year 2023 or in just 90 days is just not possible.

Marshall Beard stated “Bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don’t want,” he said, however, that it might take 10 years to reach anywhere close to this extreme prediction.

Bottom Line

Among the myriad predictions on Bitcoin, the bottom line remains that Bitcoin has experienced several downfalls and has emerged stronger than before each time. Its resilient nature instills a sense of belief in the minds of crypto enthusiasts who see value in investing in decentralized currencies. Whether Bitcoin soars higher or faces challenges is something only time can tell, and trading Bitcoin should be done with full awareness, your investment may not necessarily yield the anticipated returns.