TL; DR Breakdown
- Investor sees Bitcoin at $1 million within a decade
- BTC market is getting more dynamic
The Bitcoin market continues to stoke both bullish and bearish sentiments, although the current outlook suggests that more people are going bullish than bearish. This mix of feelings is understandable considering that BTC hasn’t been very indicative of its future price movement for weeks as it swung between $32k and $35k. That changed a few days ago when the price shot up to just over $40k. At the moment, Bitcoin is trading at around $39, 840.
As bullish sentiments spread throughout the crypto space, there are some people like Mike Alfred who are focused more on the long-term market movement as opposed to the short-term. Mike is a crypto investor as well as the co-founder and CEO of DAD (Digital Assets Data). The investor took to Twitter to make his opinion known in a tweet. According to Mike, BTC will hit $1 million value within the next 10 years.
Is it realistic?
To some, this projection may sound outrageous, given that BTC is currently priced at around the $40k mark, a significant drop from its recent ATH of $65k. However, some are ultra-bullish on BTC and see the $1 million price as a viable target for the top coin to achieve after the next few halvings.
This notion could have originated from the fact that the coin’s price increases significantly after every halving. The last halving event occurred in May 2020 and was followed by a bullish cycle that most people think is still in play.
The Bitcoin market
Like any other market, Bitcoin is prone to influence by market forces of demand and supply. There are only 21 million BTC tokens that will ever exist, and more than 18 million have already been mined. That leaves less than 3 million unmined coins. This makes Bitcoin scarce and ultimately keeps its price high.
As more BTCs are mined as supply diminishes, demand will rise and the price will follow suit. That, coupled with the halvings happening every 4 years, could propel Bitcoin to very high price levels. There will be 2 halvings within this decade. Also, the growing adoption and influx of institutional funds into the Bitcoin market will play a huge role in its rise.