Although Bitcoin (BTC) has been going through a bit of a stagnation lately, along with the majority of the cryptocurrency market, quite a few experts are bullish about its long-term future, with the most optimistic prognoses for the maiden cryptocurrency going as high as $1 million.
As it happens, the author of the book “Undressing Bitcoin,” marketing consultant and podcast host Layah Heilpern, listed ten finance and investment experts and companies, along with their predictions for the price of Bitcoin in the future, in an X post shared on September 14.
Specifically, Heilpern started off with billionaire investor and venture capitalist Tim Draper, who had originally predicted that Bitcoin would reach the price of $250,000 by June 2023 but has later pushed back his prognosis for 2025, stating he hadn’t expected the United States regulators to be so aggressive.
$1 million in play?
Meanwhile, one of the early pioneers in the cryptocurrency field and CEO of blockchain company Blockstream, Adam Back, stated in August that Bitcoin could hit $100,000 before the 2024 halving, the same number as offered by Robert Kiyosaki, who more recently said Bitcoin could even soar to $1 million if the world economy crashed.
At the same time, $1 million by 2030 is the price target for Bitcoin, also predicted by Cathie Wood, the CEO of global asset manager ARK Investment Management, back in June 2023, having reiterated that “Bitcoin is a hedge against inflation” – a view shared by many other experts.
In July, Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, said Bitcoin would undoubtedly reach $500,000 in the next five years or so due to its adoption pace and unique features, such as being “tailor-made to being an anti-inflation store of value.”
Furthermore, Fundstrat Global Advisors co-founder Tom Lee believes that Bitcoin is heading toward $180,000 by the end of 2024, particularly if the US Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF).
Arthur Hayes, the co-founder of crypto exchange BitMEX, sees $70,000, slightly above Bitcoin’s all-time high (ATH) of $69,045 from November 202, as the most likely scenario in a rally triggered by the possible decision of the US Federal Reserve on cutting interest rates, as he wrote in his digest on September 12.
What companies say
On the other hand, investment banking and asset management giant JPMorgan Chase (NYSE: JPM) is a bit more conservative in its estimation, projecting $45,000 as a bull case scenario price for Bitcoin, provided it equals gold in risk capital or volume-adjusted terms in investors’ portfolios.
That said, in its recent “Blockchain Letter,” published on August 22, the team at Pantera Capital, one of the leading names in crypto asset management, highlighted its bullish outlook for 2024 and projected that Bitcoin could rise to around $148,000 in its next four-year halving cycle if past trends hold.
In the meantime, Standard Chartered, one of the leading international banks in the United Kingdom that offers Bitcoin and crypto custody in the European Union through its subsidiary, Zodia Custody, has recently boosted its original $100,000 end-2024 forecast for Bitcoin to $120,000.
Finally, Heilpern added her own forecast of $75,000 for the flagship decentralized finance (DeFi) asset to the list, proceeding to place the timeline for achieving this price target at some point in 2025 in the comments.
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at $26,631, up 1.07% on the day and growing 3.07% across the past week, while still recording losses of 8.68% on its monthly chart, as per the latest information retrieved on September 15.
All things considered, time will tell which of the above prognoses – ranging from a modest (at this point) $45,000 to a whopping $1 million per unit of the Proof-of-Work (PoW) cryptocurrency – was the most correct (if any).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
