Is $1 million possible for Bitcoin? Here’s what this analyst thinks

Bitcoin is already seeing a decline that has sparked speculation that the mini-bull run has come to an end. In the long term, however, there is still a bullish case for the digital asset, but how high the price will go remains anyone’s best guess. An analyst has taken to Twitter to share his own forecast, which paints one of the most bullish cases for bitcoin over time.

PlanB says Bitcoin to $1 million is possible

In a YouTube video, the pseudonymous analyst known as PlanB posted on Twitter a chart showing an expected growth pattern for bitcoin. The chart follows all the way back to the beginning of bitcoin, presumably to show this growth pattern in action over the years.

The chart shows an old and new stock-to-flow model, popularly known as the S2F model, as well as the BTC price. It then links to the movement of these three showing a pattern of progression for each.

Following this pattern, PlanB said the price of bitcoin is likely to be above $32,000 in 2024, which is the year of the next BTC halving. On a much longer basis, the model puts the price of bitcoin between $100,000 and $1 million by 2025.

PlanB says $100,000 to $1 million still possible | Source: Twitter

“BTC bottom is in, 2024 halving >$32k, 2025 bull market >$100k” scenario might look like this. Note the yellow estimate of $100,000-1 million for 2025, the analyst said.

Now this is a wide range, but PlanB is not the only one who has presented this $1 million scenario for BTC. ARK Invest’s Cathie Wood has also made this accurate prediction for the digital asset, although the CEO puts it on a much longer time frame (by 2030).

Can BTC Really Reach $1 Million?

The $1 million figure is one that has been echoed by a number of notable personalities in the space. Others have also given equally bullish forecasts, as in the case of Skybridge Capital CEO Anthony Scaramucci, who believes the price of the digital asset will cross $300,000. Another forecast comes from Jan3 CEO Samson Mow, who believes the cryptocurrency will reach $1 million in the next five years.

BTC sees drawdown following upward rally | Source: BTCUSD on TradingView.com

For most of these predictions, the basis and argument behind them has been limited access to bitcoin. And with each halving, bitcoin access is reduced, which PlanB also highlights in its own analysis.

Billionaire Tim Draper predicted that BTC’s price will cross $250,000, but Draper believes that this will come with the adoption of BTC by women. The billionaire notes that women control most of the purchasing power in the retail sector, and once they are able to direct it towards BTC by being able to use the digital asset to pay for goods and services, he expects the cryptocurrency to “blow right through” $250,000.

Bitcoin is currently trading at $22,933 at the time of writing. It is down 2.15% in the last 24 hours.