Will BTC price hit $1M this time?
2024.11.06 17:47
Bitcoin (BTC) soared by over 1,900% during Donald Trump’s first term as the United States president between November 2016 and November 2020. This occurred despite his critical stance on the cryptocurrency at the time, highlighted by his well-known 2019 tweet labeling BTC as “highly volatile” and claiming its value was “based on thin air.”
BTC/USD daily price chart. Source: TradingView
However, Trump’s second term as the US president looks poised to be more favorable toward the cryptocurrency industry, given his pledge to make the US a “Bitcoin superpower” and implement deregulation to foster the crypto industry.
Trump’s election win on Nov. 6 has already helped to push Bitcoin to a new record high of around $76,400, with top analysts like TYMIO Yield founder Georgii Verbitskii, predicting BTC price to cross $100,000 in the coming months.
Can Bitcoin price cross $1 million by 2028?
A 1,900% increase from today’s Bitcoin price would see BTC priced valued at over $1.5 million per coin.
This would make Bitcoin a $28.5 trillion asset class, almost eight times bigger than Nvidia, the world’s largest company by market cap, and 1.6 times larger than gold’s market capitalization.
BTC/USD weekly price chart. Source: TradingView
Obviously, $1 million per Bitcoin is a lofty target, but for years this price has been predicted by well known analysts across the traditional finance and cryptocurrency landscape.
Cathie Wood, the CEO of ARK Invest, previously forecasted that the price of BTC will cross $1 million by 2030, noting that major investment banks such as Morgan Stanley, Merryl Lynch, and Bank of America will likely enter the Bitcoin space.
Henry Arslanian, co-founder of Dubai-based Nine Blocks Capital Management, iterated a similar outlook in his Nov. 6 X post, noting that Trump’s win will enable “further entry of institutional players” into the US crypto industry, ranging from asset managers to family offices.
Source: Henri Arslanian
Post-election Bitcoin price targets range from $100,000 to $250,000
Most analysts have predicted sharp gains in the Bitcoin market after Trump’s election victory.
According to crypto research firm 10x Research, BTC price can rise to $100,000 by January 2025, noting that “when Bitcoin sets a new six-month high for the first time in 6 months like it did recently, [it] typically see a median return of 40% over the next 3 months.”
Related: Bitcoin forecast to hit $200K by end of 2025: Bernstein Research
Independent market analyst Mags, meanwhile, says Bitcoin will approach $250,000 in the next 12 months, citing its previous price pumps post-US elections.
BTC/USD price performance after recent US elections. Source: Mags
He argued:
“In 2016 BTC pumped by 2747% post-election. In 2020 BTC pumped by 360% post-election In 2024, with a pro-Bitcoin president. Even a 240% pump would mean $250,000 per Bitcoin.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
