Bitcoin price has stalled over the past few weeks as the recent bull run hit a wall. BTC was trading at $114,300 on Tuesday, a few points below the year-to-date high of $124,200. This article explores why the BTC price may jump to $1 million over time.
Analysts See Bitcoin Price Hitting $1 Million
Top cryptocurrency analysts and experts anticipate that the Bitcoin price will surge and reach $1 million in the long term. In a recent interview, Pavel Durov, the founder of Telegram, said that he expects the coin will ultimately jump to $1 million. He cited the ongoing money printing by the Federal Reserve and other central banks.
Eric Trump also delivered a similar prediction, noting that ‘everyone was rushing to buy Bitcoin.’ He is right to some extent, as spot Bitcoin ETFs have accumulated over $57 billion in inflows and hold billions more. Most of these coins are held by large institutions, including universities like Harvard and Brown.
Other top analysts, such as Michael Saylor, Cathie Wood, and Chamath Palihapitiya, have all predicted that the Bitcoin price will rise significantly in the coming years. Companies such as BlackRock, Ark Invest, and Standard Chartered believe that the coin will experience significant price appreciation in the coming years.
READ MORE: XRP Price Elliot Wave Points to a Surge Ahead of ETF Approval
A key case for Bitcoin is that retail investors were the primary drivers of the rally for over 15 years. Today, this growth is being driven by institutions, which see it as a good and liquid alternative asset.
The next phase will be driven by sovereign countries as they diversify their holdings from the US dollar and gold.
At the same time, the soaring demand will occur when the supply of the coin on exchanges is in a strong downward trend, now hovering near its lowest level in over seven years.
Meanwhile, Bitcoin will benefit from the ongoing geopolitical issues, soaring sovereign debt, and its history. Bitcoin has been in a strong uptrend since its launch in 2009, and this trend will likely continue in the future.
Bitcoin Price Technical Analysis: Short-Term Forecast
The weekly chart shows that the Bitcoin price has been in a strong uptrend in the past few years. This rally has been going on since early 2023, when it bottomed at below $16,000.
The rally was not a straight line as the coin has suffered some significant pullbacks in this period. For example, it dropped from $74,206 in March 2024 to $49,183 in August.
Most recently, it fell from a high of $109,092 in May to $74,200 in July and then rebounded to a record high. Therefore, the current Bitcoin price pullback is normal and a part of the bullish rally.
The coin has also formed a bullish flag pattern, which consists of a vertical line and a descending channel. In most cases, this pattern normally leads to a rebound.
Therefore, the most likely BTC price forecast is where it rebounds and crosses the all-time high of $124,200, and then possibly hits $125,000.
READ MORE: Orderly Price Structure Signals 80% Surge as Perps Tokens Soar
