Bitcoin’s price took a dip to around $75,000 in early March 2025, causing many to think the bull market was over. After hitting a record high of over $100,000, a lot of investors were worried that Bitcoin had peaked. But things took a surprising turn.
A New Era for Bitcoin?
Bitcoin has since broken its previous record highs, reaching approximately $122,800. Now, many believe it’s just a matter of time before Bitcoin hits $1 million.
The $1 Million Prediction
Blockware Bitcoin analyst Mitchell Askew is among the experts predicting Bitcoin will reach $1 million within the next 10 years. He believes the wild swings of past bull and bear markets are a thing of the past for Bitcoin. He points to the launch of spot Bitcoin ETFs in the US as a game-changer.
Pump and Consolidate: The New Normal?
Askew expects Bitcoin’s price to reach $1 million through a pattern of “pump and consolidate.” This means gradual increases followed by periods of stability, a slower, steadier climb. He predicts this less volatile approach will weed out less committed investors.
Expert Agreement
Bloomberg ETF analyst Eric Balchunas agrees with Askew’s assessment. He notes that since BlackRock filed for a spot Bitcoin ETF, the market has seen less volatility and fewer sharp corrections. This increased stability makes Bitcoin more appealing to large institutional investors, leading to a more predictable price movement.
Recent Market Trends
Recently, Bitcoin’s price has been relatively stable, hovering between $115,000 and $120,000. At the time of writing, it’s around $117,900.