The past seven days have been tumultuous for Bitcoin (BTC). The popular currency has fallen significantly in value, but most analysts remain optimistic about the future.
Analysts from major asset manager Bernstein predict that Bitcoin could even reach a price of $1 million by 2033, which represents a 15x growth from the current price.
Bitcoin price falls after negative Federal Reserve news
Currently, the BTC price is around $64,500, after dropping 4.5% in the past week. This decline was mainly caused by reports from the Federal Reserve (FED) about their interest rate policy in the United States. The FED appears to be planning to cut interest rates only once in 2024, which will put additional pressure on crypto prices.
A Bitcoin price of 1 million dollars?
Despite short-term problems, Bernstein analysts remain very positive about the long-term developments of the BTC price. They predict that the coin could reach a price of around $200,000 by 2025 and as much as $1 million by 2033.
A price of $200,000 in 2025 would mean that the BTC value increases by 200% in just 18 months, a remarkable achievement. According to Bernstein analysts, this growth is possible due to the success of the Bitcoin Spot Exchange Traded Funds (ETFs) in the US market, which have attracted as much as $60 billion in capital in the past five months.
However, getting the BTC price above $1 million will require a much larger capital inflow. The analysts at this major asset manager believe that Bitcoin could take over a significant portion of gold’s market value. If BTC manages to capture 15% of the gold market, its price could rise to $1 million by 2033.
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Source: https://newsbit.nl/bitcoin-koers-naar-1-miljoen-volgens-analisten-van-bernstein/
