Bitcoin at $1 million this cycle really possible?

[pixie85]

In short No.

I'm saying it because it takes more fiat money to make Bitcoin gain another 1% each cycle. When you had bitcoin for 1000 dollars, getting it to 1100 required a very small amount of money compared to 2017 when it was worth 19 thousand and on its way to 20.
Now at 60 thousand you can invest 1 million USD and not even see anything happen on global charts.
Think how many millions in fiat currency you're going to need to make Bitcoin move from 800 to 900 thousand. You'd need whole governments to invest their budgets into Bitcoin.
Even if we take the next 3 years into account 1 million dollars is unreachable.

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[20kevin20]

Think how many millions in fiat currency you're going to need to make Bitcoin move from 800 to 900 thousand. You'd need whole governments to invest their budgets into Bitcoin.
Even if we take the next 3 years into account 1 million dollars is unreachable.

Or a supply and liquidity shortage would make the path to a million much clearer and easier than we imagine. If enough people with enough BTC decide their coins shall not be sold under a million bucks, it's not that hard to get up there. Sometimes, large pumps require very little volume.

[jossiel]

That nearly 15x is underrated.

If bitcoin will be on that the same pattern as last year, there could be a very chance that it will reach really high price. But not yet that high as $1m for this cycle.

We may need 2-3 more cycles for bull run for us to see that.

[BrewMaster]

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.

you should always remember that $20000 was also 133x the price when it started rising at first and yet it was reached very easily in only 3 years. so far with the current price we are only up 18x from the bottom the dip that we had in 2018. there is still a long way to go up.

[uttoransen]

Some time back I though even $1k was too much for a bitcoin and now it is $60k! So anything is possible.

Recently, some of my off line friends - people who aren't as active on the internet - and surely haven't got a clue about crypto, started asking me questions about BitCoin - all this price increase is making some media headlines too. Few of them had even taken out some money from their share market funds and have invested those in bitcoin and some popular alt-coins.

If more and more people start doing this, many of them are already doing it - the funds from the share market will flow into the Crypto world and that 1M target will start to look far easier!

[slaman29]

Look at it this way. 20k to current ATH is 3x and it took a lot of stamina for buyers to reach this point, plus fiat being dropped and institutions investing and Reddit Wall Street etc.

Do you really think 15x more is possible from this current cycle? I really don't think so. And it would be really irresponsible to assume so as well.

[stompix]

Bitcoin started at $0.0008 in the year 2010 and had an All Time High now of $62,000, with that amount of pumps after 11 years, does $1,000,000 per Bitcoin still looks like a dream? I don't think so.

Depends on how you're looking at those numbers.
Having grown 80m times, it might look no big deal to hit 1b times, but when you look at the value in USD you will also see that it has grown $62k from the initial price but it would require to grow an additional $938k, close to 15! times what is has grown till date. And while in the old days you could overcome the daily inflation of coins with a few thousand dollars now you need $50 million each day to cover those, plus the fact that unlike previously when mining was more for fun now it incurs costs that are no longer hobby money and miners need to liquidate a huge chuck of that.

you should always remember that $20000 was also 133x the price when it started rising at first and yet it was reached very easily in only 3 years. so far with the current price we are only up 18x from the bottom the dip that we had in 2018. there is still a long way to go up.

The same thing as above, the first jump might have been 133 but it was still ~$20 000, the second one is only x18 but it's $58 000, so actually, x133 is smaller than x18 by a factor of 3.

[bobyhodob]

it is still too far for bitcoin to break through that price because it takes a very large mcap, it is possible that in the next few years it could reach that price

[Lucius]

If Amazon invested a tonne into Bitcoin, and announced that Bitcoin could be used to purchase anything on their platforms, then that would likely increase the price by quite a lot.

I guess everyone is waiting for Amazon's move, at least I got that impression here on the forum, but also in various media that cite it as the next big thing. Although Amazon is one of the biggest players in the world, I don't believe that their investment in BTC (if it were in the Tesla range) would make a bigger shift in terms of price - probably $10 000 to $15 000 in the short term. Even if BTC were added to their platform as a means of payment I don’t believe a lot of people would use it because most still don’t use it as a currency but for trading and as a store of value.

100k I find it more of a certainty, 200k close to the same but once we're adding hundreds of thousands to each coin and 2 trillion in the total market for each bracket things get messy. I wouldn't exclude it but at the same time if this happens I don't think 1 million then will be equal to 1 million now.

I agree, a lot of money a lot of problems and more risk. All is well as the uptrend continues, as if no one is thinking about time when the trend will reverse - we may have begun to believe that this time it will be different? Of course, $1 million will not have the same purchasing power now and in 10 years - especially if the helicopter money policy continues.

[blckhawk]

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.

Definitely not on this cycle. Even though some people said that this current bull run will last more longer still I don't think it will be enough to reach that price. Perhaps, it will take a couple of cycles for us to see Bitcoin at the price besides it will require a huge total market cap for that one. Imagine large institutions are already now venturing into the crypto market yet we cannot able to reach $100k, perhaps we need more adaptation, we need a massive one in order to bring Bitcoin at that million price.

[ipanks]

Maybe that is not possible to reach this year, but that can happen in the next years. This year, bitcoin needs to break $100k, which is really hard to reach because until now, the price is at $64k, which is the good performance of bitcoin after it stays below $60k. But we still have a long term to reach $100k, and I guess that can happen this year. So after reaching $100k, the next target of bitcoin price will be at $200k-$250k, which can happen in the next year. Bitcoin needs longer to break $1 million and I do not think that will be possible to reach in this cycle.

[int03h]

One million dollars seems like an impossible number. Bitcoin has grown in value about 15x since April 2019, 3.1 times higher than 2020's ATH, predicting Bitcoin's ATH in this cycle to be between $ 100k and $ 200K.
Getting Bitcoin to reach the $ 1 million mark will take a variety of times and conditions. That can be achieved in the next cycle.

[DatKing]

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.

I don't why people automatically start making preposterous predictions about the price when it starts increasing again. 1 million dollars is an extraordinary level to reach for the Bitcoin price right now. But it looks like we could see an ATH over 100k dollars this year.

[lifeforcepools]

To be honest, I'm ready to believe anything now, even this.

[Mamun74]

$1M Per coin?It's too much but maybe in future. It's not possible this year.Coz bitcoin price now $60k+.I think bitcoin price will be reached $100k this year. I think next few years bitcoin price could reach  $1M.

[kryptqnick]

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.

I don't think it's possible. Bitcoin is already worth 3 times as much as its former ATH, and that's a big step forward after years of struggling to maintain even 50% of the ATH price. I agree with others that it doesn't really matter how far Bitcoin goes this time, and that its current accomplishment is already a lot. I'd be happy even if Bitcoin starts falling now, and falls as low as $20k. It would still be a big achievement and a way forward. I think that now we should focus on more use cases and on friendly regulations of cryptos rather than on the price.

[conected]

That nearly 15x is underrated.

If bitcoin will be on that the same pattern as last year, there could be a very chance that it will reach really high price. But not yet that high as $1m for this cycle.

We may need 2-3 more cycles for bull run for us to see that.

- A few more cycles will not break that milestone due to the situation is quite stressful and a lot of pressure in the crypto world and even spread to the outside world, a few large resources are involved but not strong enough to help bitcoin reach the 10% mark because the valuation of bitcoin in such a manner was so unreasonable, the government began to be suspicious of a system of money laundering and tax evasion. The trend of perpetual growth will be a disadvantage, it needs to gradually reduce steps to create a solid from community sentiment to price sentiment.

[BrewMaster]

The same thing as above, the first jump might have been 133 but it was still ~$20 000, the second one is only x18 but it's $58 000, so actually, x133 is smaller than x18 by a factor of 3.

i'm talking about the end of the rise when we reach ATH not the current $58k rise (or today's $64k). so it is not smaller, it would be the exact same size. if you invest $1 when price is $10 and it goes to $20 you double your money and end up with $2. if price is $10000 and it goes to $20000 you still double your money and end up with $2 even though it went up $10k.

secondly the rise should be bigger because past rises were a lot smaller. for example 2013 went from 20 to $1200 which is only 60x rise and the one before that was even smaller but i forgot how much. so we may end up with 200x rise instead of 133x

[stompix]

i'm talking about the end of the rise when we reach ATH not the current $58k rise (or today's $64k). so it is not smaller, it would be the exact same size. if you invest $1 when price is $10 and it goes to $20 you double your money and end up with $2. if price is $10000 and it goes to $20000 you still double your money and end up with $2 even though it went up $10k.

Yes, that goes for investment, but we were talking about how it would be possible for it to reach that price for the first time.
For the entire market cap to double it would take 210millions in the first scenario and 210 billion in the second.
1 million? 21 trillion needed!
Of course, lost coins, people that hold, bla bla, I know that ain't the sum but the same deductions from the overall happen on smaller sums so the proportions are still kept.

secondly the rise should be bigger because past rises were a lot smaller. for example 2013 went from 20 to $1200 which is only 60x rise and the one before that was even smaller but i forgot how much. so we may end up with 200x rise instead of 133x

You're still thinking in x rather than in overall value, which although not completely wrong it is not really a way of anticipating things, and you're going into the extrapolation trap


And another thing, let's assume we hit the 1 million figure based on the numbers you anticipate, it wound't have to stop there, right?
So, when it will stop? At one billion or at 1 trillion?

[eaLiTy]

Just a matter of time and time will answer all these questions. Bitcoin or the cryptocurrency world is full of surprises. Right now who would have thought bitcoin would reach $ 60k ATH. The highest price that many people could not achieve but was reached in a few years.

The entire cryptocurrency market is full of surprises as some of the coins which i thought was dead and dusted suddenly emerging with slight changes in their development and with the new hype trend words they are adding DeFi and other similar catchphrases to attract the investors once again and the dead markets started rallying during the last few months, basically i was surprised to see those dead projects for the past few years rallying but despite all this i doubt we will reach anyone close to a million dollars even in the next rally.