Pundit Asserts Bitcoin reaching $1,000,000 by 2034 is “Not a Fantasy” ⋆ ZyCrypto
The post Pundit Asserts Bitcoin reaching $1,000,000 by 2034 is “Not a Fantasy” ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin (BTC) maintained a muted trading pattern on Thursday and Friday, following a notable drop earlier in the week largely attributed to rising geopolitical tensions, particularly the escalating conflict between Israel and Lebanon. This downturn has created a sense of uncertainty among investors, who find themselves at a crossroads about the asset’s future trajectory. Interestingly, analysts from Santiment noted on Friday that, unlike previous years, mentions of “Uptober” this year have declined significantly, painting a picture of increased bearish sentiment among traders. However, they emphasized that ” the lack of optimism opens the door for (at least) a short-term bounce.” Nevertheless, amidst this uncertainty, some analysts remain hopeful that Bitcoin is on track for significant growth. On Friday, pseudonymous crypto analyst Plan C noted that reaching $1 million per Bitcoin is a realistic possibility based on advanced statistical models. “$1,000,000 Bitcoin is NOT a fantasy… according to the most advanced current statistical models; it is a highly probable outcome.” He tweeted. Advertisement   Notably, his comprehensive analysis indicates that a robust fair value model, which examines 747,614 data points at 10-minute intervals, projects Bitcoin’s fair value to reach approximately $1,004,538 by January 1, 2034, with its current fair value estimated at around $67,748. Utilizing 50% quantile regression, he explained that the predicted value is positioned at the median, allowing for potential fluctuations above and below this figure. “The real fun hasn’t even started yet,” he added, suggesting that Bitcoin is precisely on track compared to previous cycles. Other experts have echoed this sentiment. Lyn Alden, an investment strategist and author of Broken Money, suggested in an interview last month that BTC could reach $1 million within the next eleven years, driven by growing adoption of the cryptocurrency. Alden also posited that the asset might eventually surpass gold’s $17…
Filed under: News - @ October 5, 2024 2:18 pm