Will the price of BTC reach $1 million at this point?
Between November 2016 and November 2020, during Donald Trump's first term as President of the United States, Bitcoin (BTC) surged more than 1,900%. This is despite his critical stance on the cryptocurrency at the time, which he famously labeled as BTC in a 2019 tweet. Very volatile” and that the price is “based on thin air”.
BTC/USD Daily Price Chart. Source: TradingView
However, Trump's second term as president seems set to be more favorable to the crypto industry, following his promise to make the US a “Bitcoin superpower” and grow the crypto industry.
The so-called November 6 Trump election victory has already helped push Bitcoin to a new record high of $76,400, with top analysts such as TYMIO Yield founder Georgi Verbitskii predicting that the price of BTC will surpass $100,000 in the coming months.
Will Bitcoin's Value Cross $1 Million in 2028?
A 1,900% increase from today's bitcoin price could see BTC valued at over $1.5 million per coin.
This makes Bitcoin a $28.5 trillion asset class, 8 times the world's largest company by market capitalization than Nvidia and 1.6 times the market capitalization of gold.
BTC/USD weekly price chart. Source: TradingView
Obviously, $1 million per Bitcoin is a high target, but for years, this price has been predicted by prominent analysts in traditional finance and cryptocurrency landscape.
ARK Invest CEO Kathy Wood previously predicted that the value of BTC will surpass $1 million by 2030, suggesting that major investment banks such as Morgan Stanley, Merrill Lynch and Bank of America may enter the bitcoin space.
Henry Arslanian, founder of Dubai-based NineBlocks Capital Management, echoed a similar sentiment in a Nov. 6 X post, saying a Trump victory would “allow more institutional players to enter the U.S.,” starting with asset managers. to family offices.
Source: Henry Arslanian.
Post-election Bitcoin price targets range from $100,000 to $250,000
Most analysts have predicted a huge gain in the Bitcoin market after Trump won the election.
According to crypto research firm 10x Research, the price of BTC could rise to $100,000 by January 2025, as “Bitcoin recently set a new six-month high for the first time in 6 months.” [it] Typically see a 40% average return over the next 3 months.
Related: Bitcoin Forecast to Reach $200K by End of 2025: Bernstein Research
Independent market analyst Mags, meanwhile, said that Bitcoin will approach $250,000 in the next 12 months, referring to previous price pumps post-US elections.
BTC/USD price performance after recent US elections. Source: Mags
He argued.
“In 2016 BTC by 2747% post-election. In 2020 BTC by 360% post-election in 2024, with a pro-Bitcoin president. Even a 240% pump means $250,000 per bitcoin.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
