A crypto analyst predicts Bitcoin (BTC) will hit $1,000,000 in the next decade, but not in the way you might think. Forget the wild price swings of the past; he believes the days of crazy bull runs and brutal bear markets are over.
A New Era for Bitcoin
Mitchell Askew, a crypto expert, envisions a much slower, steadier rise for Bitcoin, driven by institutional investors. Instead of massive, short-lived gains followed by huge crashes, he sees a pattern of gradual increases punctuated by periods of consolidation. This means fewer quick profits for short-term traders, and more long-term gains for patient investors.
The Impact of Bitcoin ETFs
Askew attributes this shift to the launch of Spot Bitcoin Exchange Traded Funds (ETFs) in early 2024. He argues that ETFs have made Bitcoin a more stable, institutional-grade asset. Since their approval, the biggest Bitcoin price drop has been around 30%, a far cry from the massive crashes of the past. While still volatile, Bitcoin’s price swings are significantly less dramatic.
Winners and Losers
This slower, steadier growth benefits certain players more than others. Askew believes that private Bitcoin miners, especially those with cost advantages and tax benefits, will see consistent profits as the price gradually increases.
Realistic Expectations
Askew cautions against unrealistic short-term expectations. He says the idea of Bitcoin hitting $500,000 in just five months is unrealistic, as is trying to time the market based on past patterns. He advises investors to avoid getting caught up in short-term hype and to focus on the long-term potential of Bitcoin. He also suggests that relying on past halving cycles to predict future price movements is no longer a reliable strategy.
