Oct 16, · He spent years claiming that the price of bitcoin would reach $1 million in the year Not only did this not happen, but bitcoin has been hit with more volatility this year than arguably any. Jun 16, · This number, which you will see tossed out into the crypto narrative, comes from the idea that there are million subunits of bitcoin and if each was worth the quantum unit of 1 Author: Clem Chambers. Dec 17, · But the estimate that really keeps my blood flowing is bitcoin one million. That’s right, $1 million. As you know, the most expensive stock in the world is Berkshire Hathaway (NYSE: BRK.A.
Bitcoin reaching 1 millionBitcoin WILL Reach One Million Dollars By The Year
But the estimate that really keeps my blood flowing is bitcoin one million. Should bitcoin hit seven figures, the blockchain token would nearly triple BRK. Now, I want to be clear about something before you attempt to have me institutionalized.
Certainly, many factors must play favorably for virtual currencies to get to that point. First, some high-profile individuals have stuck their neck out to make this pronouncement. Rather than an asset that shoots straight to the moon after years of sideways trading, we see a gradual progression, followed by a corrective phase. Critically, the period between September to now roughly 6. You see, most people forget that the massive wealth that the baby boomers accumulated has to go somewhere.
No one can. And the natural choice for where that wealth is ultimately transferred to is their progeny. For many of them, virtual currencies reflect the independence and the de-coupling from traditional hierarchies think the gig economy for which they are most known.
On the date of publication, Matthew McCall did not have either directly or indirectly any positions in the securities mentioned in this article. On the date of publication, the InvestorPlace Research Staff member primarily responsible for this article held a long position in bitcoin. Log in. Log out. Looking at historical cycles is a good way to make predictions on future ones.
In his latest video , analyst Benjamin Cowen has extrapolated data from the bitcoin logarithmic regression model to attempt a realistic prediction as to when prices will reach seven figures. Here it is!
Check out the video where I discuss this chart! The first primary assumption is that market cycles are getting longer with the first peak to peak taking 2. There are only two data points though so there is a huge margin for error. The next bitcoin price peak according to this theory would be around 5.
This has all been plotted using logarithmic regression under the assumption that there will not be a halving rally this year. Cowen added that this is purely hypothetical and based upon long term movements ignoring the market pumps and dumps of a couple of thousand.
The peaks are getting closer to the regression band as market cycles extend. Assuming BTC stays on this course it could realistically arrive at the next peak which is a million dollars by or By then it will have gone through four more halvings which will have dramatically decreased the supply, potentially increasing demand through perceived scarcity.
The prices have been derived by adding a number of logarithmic regression lines for potential support and resistance zones as time goes on. Each cycle drops 2. The next cycle is expected to produce massive gains over the next 3 years or so but subsequent ones will be a lot slower in terms of potential returns on investment. So there you have it, another price prediction which puts BTC at a million dollars in the late s, by which time John McAfee will have already had his phallic lunch.