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August 9, 2022
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Bitcoin

Bitcoin could reach $ 1M in this cycle

Bitcoin has recently managed to establish a new ATH. The royal coin passed the $ 61,000 mark. Raoul Pal believes that Satoshi Nakamoto’s creation could reach a price of $ 1 million.

Bitcoin at $ 1,000,000

At the time of writing this article, BTC is trading in red. The coin is valued at $ 60,100 and has been slightly negative in the last 24 hours. Recently, there are countless optimistic forecasts regarding the BTC price. Now Raoul Pal has contributed his two cents.

The CEO of Real Vision recently said Bitcoin could hit $ 1 million later in this boom cycle. IN interview with Peter McCormack, Pal said a seven-digit score was his goal. According to him, such a scenario is possible if the BTC chart grows parabolically to the extent that it did in previous cycles.

I thought BTC would peak at the million, but not this cycle. It is possible, however, that we are exaggerating. So I just use the regression line and the scale trend [logarytmicznej]. That tells me the score between PlanB [przewidywania modelu stock-to-flow]and $ 400,000 is possible. But perhaps it will actually be extended and will go as high as it was during the 2013 trend. That would cost us $ 1 million.

Pal continued saying that BTC could surprise everyone and go beyond people’s expectations:

So I think it is tilted a little higher than people expect. I don’t think it will get into $ 1 million, but we have institutions coming in, who knows how that dynamics will change.

Bitcoin has to overcome several obstacles

Pal also referred to the obstacles that Bitcoin will have to overcome on its way to the top of the cycle. Among them, he mentioned the Coinbase IPO (IPO). According to him, the entry of such a giant on the stock exchange may stop the current institutional momentum.

The first is Coinbase’s IPO. If you are an institution looking to buy Bitcoin and you have to go through all that rigor to sign it, and Coinbase’s IPO comes out and it’s a $ 60 billion company and you can put in a few billion, that’s a good enough counterpart for a while . So my guess is that in the short term it will take away a lot of demand from the institutions.

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