At some point there will be a one last cycle because the value can't reach 1 million per coin. What if this cycle was the last one and 20000 USD will be remembered as the ATH of Bitcoin? The majority is usually wrong.
The value could easily reach $1 million considering how little supply there is available on exchanges. The more people hodl their coins for the long term, the less availability of supply there is. I'm not saying it will for sure reach that price, but it could.
Currently we're dealing with so many entities trying to get themselves up and running here, that we'll face a point at which the leading exchanges won't have hundreds of thousands of coins in their cold wallets anymore, but closer to a tenth of that figure. If you also take into consideration that these Bitcoins aren't just meant to be traded on the USD market but also on the altcoin market, you'll realize how little the supply actually is.
Imagine a time where governments and pension funds will finally get their feet wet, they'll usurp so much of the supply that the price could easily swing to $1 million per coin.
