Bitcoin’s journey to $1 million per token could be slower and less dramatic than what many crypto market participants may be expecting, according to pseudonymous Bitcoin analyst PlanC.
“What if, from here on, Bitcoin simply slow-grinds up and to the right, with long, drawn-out, uneventful 10–30% corrections and consolidations?” Bitcoin analyst PlanC speculated in an X post on Sunday.
“Instead, we just keep grinding slowly upward to $1,000,000 over the next seven years in a very boring and underwhelming way,” PlanC added, noting Bitcoin’s (BTC) growing acceptance and adoption from the traditional financial system and major institutional players.
PlanC said that every time Bitcoin’s price moves sideways for an extended period, people think the cycle is over and expect prices to drop up to 80% so they can buy the asset cheaper, but it never happens.
For months, the industry has been debating whether growing demand from spot Bitcoin ETFs and treasuries has completely disrupted the Bitcoin four-year cycle.
Not everyone shares PlanC’s outlook, however.
“Omega candle” could shoot Bitcoin up by $100,000 in a day
Jan3 founder Samson Mow predicts Bitcoin will soon see an “omega candle,” shooting the price by $100,000 in a single day. Mow told Magazine in June that $1 million for Bitcoin “is a given at this point, maybe this year, maybe next year.”
However, PlanC’s slow-and-steady projection sees Bitcoin hit $1 million by 2032, a bit later than some other industry executive predictions.
Coinbase CEO Brian Armstrong recently forecasted 2030 as a target, while Eric Trump recently said there’s “no question” that BTC will reach $1 million in the next several years.
Others argue that a $1 million Bitcoin happening too soon would be a bad sign. On Aug. 17, Galaxy Digital CEO Mike Novogratz said a million-dollar Bitcoin next year would be a sign that the US economy is in serious trouble.
“People who cheer for the million-dollar Bitcoin price next year, I was like, Guys, it only gets there if we’re in such a shitty place domestically,” Novogratz said.
Everyone prefers “smaller corrections” for Bitcoin
Swyftx lead analyst Pav Hundal told Cointelegraph on Tuesday that “everyone wants the narrative around smaller corrections to make sense.”
“Corporate treasuries, institutional desks, and even sovereign buyers are creating a steady base of demand,” Hundal said, explaining that structural bids should, in theory, smooth out the wild swings.
Related: Bitcoin bull market will be ‘over’ if $100K BTC price is lost: Trader
But he warned that the market is still in uncharted territory. “We don’t know how the market will react to pressure,” he said.
“Treasury buyers aren’t immune to traditional market forces,” he said.
“In fact, many of them rely on credit. If credit spreads widen and risk measures fluctuate, as a healthy market should, those same strong hands could quickly turn into forced sellers,” he said.
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