Bitcoin Price Predictions: Experts Bullish on Long-Term Future
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.
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.
Billionaire investor and venture capitalist Tim Draper 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?
Adam Back, CEO of blockchain company Blockstream, 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.
Cathie Wood, CEO of ARK Investment Management, predicts $1 million by 2030, reiterating that “Bitcoin is a hedge against inflation” – a view shared by many other experts.
Mike Novogratz, 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.
Tom Lee, co-founder of Fundstrat Global Advisors, believes that Bitcoin is heading toward $180,000 by the end of 2024, particularly if the US Securities and Exchange Commission approves a spot Bitcoin exchange-traded fund.
Arthur Hayes, co-founder of crypto exchange BitMEX, sees $70,000 as the most likely scenario in a rally triggered by the possible decision of the US Federal Reserve on cutting interest rates.
What companies say
JPMorgan Chase projects $45,000 as a bull case scenario price for Bitcoin, provided it equals gold in risk capital or volume-adjusted terms in investors’ portfolios.
Pantera Capital projects Bitcoin to rise to around $148,000 in its next four-year halving cycle if past trends hold.
Standard Chartered has recently boosted its original $100,000 end-2024 forecast for Bitcoin to $120,000.
Layah Heilpern adds her own forecast of $75,000 for Bitcoin in 2025.
Bitcoin Price Analysis
As of September 15, 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.
Time will tell which of the above prognoses – ranging from a modest $45,000 to a whopping $1 million per unit of the Proof-of-Work 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.