April 14, 2024
How Spot Bitcoin ETFs Could Drive BTC Price to 0,000, According to This Crypto Trader

Ture Demeester, a Bitcoin evangelist, recently shared His thoughts on Bitcoin’s potential to reach $1 million by 2028. Demeester’s outlook on the topic presents a cautious contrast to some of the more bullish predictions in the crypto community.

This sober perspective comes as others, like Samson Mow, express strong belief in Bitcoin’s ability to hit this milestone after the next halving.

$1 million Bitcoin not certain by 2028

Demeester’s skepticism was expressed in response to a post by investor Fred Krueger sharing a graph that suggested Bitcoin could reach the $1,000,000 level by 2028.

Investor Fred Krueger shared this Bitcoin graph.

While praising Graph’s model, Demeester expressed uncertainty while acknowledging the unpredictable nature of the market and its ability to challenge even the most well-constructed models.

The anticipation of BTC hitting $1 million is closely tied to its halving event, which occurs approximately every four years. After this year’s halving, the next halving is scheduled to take place in 2028. These events halve the number of new BTC mined per block, limiting the supply and potentially impacting the price.

In the upcoming halving in April this year, the daily minting of Bitcoin will reduce from 900 to 450 coins. Such supply changes have historically led to significant price movements, lending credence to various models predicting substantial increases in prices in the future.

Amidst these predictions, an He argued that certain market laws, such as the time value of money, are less likely to be broken in the stock market.

Similarly, Bitcoin’s natural adoption rate may hinder its “explosive” growth, providing room for market movements without breaking the underlying model.

Diverse views on the future of Bitcoin

Other Bitcoin enthusiasts, like Jan3 CEO Samson Mo, are more optimistic. Mau estimates that Bitcoin will reach $1 million, which could potentially cause “maximum pain” for many market players due to the sudden surge.

They suggest that this dramatic increase could occur rapidly within “days or weeks”, although the exact starting point remains uncertain.

In analyzing the potential triggers of the Bitcoin rally, Mo considers a variety of factors. These include Bitcoin-specific metrics such as exchange-traded inflows (ETFs), BTC hashrate, and whale activity on Bitfinex. Additionally, Mau looks at macroeconomic indicators such as Tether’s USDT assets under management, government debt payments, and debt-to-GDP ratio.

Maw believes that these factors, combined with nation-state adoption, real inflation rates, and M3 money supply, could significantly impact Bitcoin’s performance.

Amid the debate, Bitcoin saw a significant surge in the last 24 hours, recapturing the $43,000 mark with a current trading price of $43,123.

Bitcoin (BTC) price chart on TradingView
The price of BTC is moving sideways on the 4-hour chart. Source: BTC/USDT on tradingview.com

Featured image from Unsplash, chart from TradingView

Disclaimer: The article is provided for educational purposes only. This does not represent NewsBTC’s opinion regarding buying, selling or holding any investment and investing inherently involves risk. You are advised to do your research before taking any investment decision. Use the information provided on this website entirely at your own risk.

source: www.newsbtc.com

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