Since the price of bitcoin surpassed $50,000 in the 2021 bull market, there has been speculation about when the price will reach $100,000 and, at the other extreme, $1,000,000. Over time, various analysts and experts have presented their forecasts, but the most recent is that of budding economist Alessandro Ottaviani, who believes that btc could reach the million dollar mark in the next three years.
bitcoin price on track to reach $1 million
Ottaviani starts his X (formerly Twitter) mail noting that bitcoin‘s market capitalization had increased rapidly following fake news about the approval of a bitcoin Spot ETF. Now, let us remember that on Monday, the media Cointelegraph made a post on X saying that the US Securities and Exchange Commission (SEC) had approved the filing of the BlackRock iShares Spot bitcoin ETF.
After this, the price of bitcoin surpassed $30,000 and within minutes, more than $50 billion was added to the cryptocurrency’s market capitalization, as Ottaviani points out. Following btc‘s reaction to this news, which ultimately turned out to be false, the analyst was able to draw a parallel to what could happen when bitcoin spot ETFs are approved for real.
Today’s main takeaway: bitcoin‘s market cap increased by more than $50 billion in minutes, and most likely the money that flowed into bitcoin was less than $500 million (100:1 ratio).
A former Blackrock director said we can expect between $150 and $200 billion to flow into bitcoin in 3…
– Alessandro Ottaviani (@AlexOttaBTC) October 16, 2023
Ottaviani notes that this $50 billion increase in market cap came from an injection of around $500 million into the market, meaning the market cap increased by a 100:1 ratio. So, based on what BlackRock Chairman and CEO Larry Fink said about a spot ETF that would trigger an influx of between $150 billion and $200 billion into the asset, Ottaviani explains that this would put the market capitalization of btc at 21 trillion dollars. At $21 bitcoin-could-see-influx-of-17-7-trillion/” rel=”nofollow”>trillion market capitalizationthe price of each btc would be 1 million dollars.
Now, as to when this might happen, Ottaviani returns to Fink’s statement. When Fink made his forecast that between $150 and $200 billion could flow into bitcoin, he said this could happen over a three-year period. So if a bitcoin Spot ETF is approved in 2024, as Bloomberg analysts believe, then the price of bitcoin could reach this $1 million mark in 2027-2028 if all goes according to plan.
“Surely on the way up there will be a lot of people selling, but this is already directionally clear to what extent the effect of the approval of btc ETFs could be,” Ottaviani said in the X publication.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/When-will-the-price-of-Bitcoin-reach-1000000-Pundit-presents" alt="Tradingview.com bitcoin Price Chart (btc $1,000,000)” width=”2670″ height=”1746″ loading=”lazy”/>
btc still miles away from $1,000,000 | Source: BTCUSD on Tradingview.com
Other $1 million predictions for btc
Ottaviani is just the latest in a long line of market participants and cryptocurrency enthusiasts who have predicted that the price of bitcoin would reach $1 million. Some notable personalities who believe he will reach this level include ARK Invest CEO Cathie Wood, Coinbase CTO Balaji Srinivasan, and financial author Robert Kiyosaki.
Cathie Wood, who has been a strong supporter of bitcoin, said last year that she expects the price of btc to reach $1 million by 2030. Because of this belief, Wood’s investment firm, ARK Invest, has been investing heavily across the crypto space, purchasing hundreds of thousands of shares of Grayscale bitcoin Trust as well as shares of Coinbase.
Next on the list is Coinbase CTO Balaji Srinivasan, who bitcoin-will-hit-1-million-in-90-days/” rel=”nofollow”>made a bet in June 2023 that the price of btc would reach $1 million. Srinivasan pointed to “hyperbitcoinization” as the reason behind this. However, Srinivasan’s forecast was made in a much shorter time period (90 days) and did not turn out as predicted.
Last but not least is financial author Robert Kiyosaki. Kiyosaki has been sounding the alarm about a possible collapse of the US dollar and has presented gold, silver and bitcoin as good alternatives to protect against this possible collapse. In August, Kiyosaki said in an interview that if the economy were to collapse, bitcoin could reach $1 million, while gold and silver could rise to $75,000 and $60,000, respectively.
Featured image of Blockchain Companies, chart from Tradingview.com
