2024-10-5 16:53 |
Bitcoin (BTC) maintained a muted trading pattern on Thursday and Friday, following a notable drop earlier in the week largely attributed to rising geopolitical tensions, particularly the escalating conflict between Israel and Lebanon.
This downturn has created a sense of uncertainty among investors, who find themselves at a crossroads about the asset’s future trajectory. Interestingly, analysts from Santiment noted on Friday that, unlike previous years, mentions of “Uptober” this year have declined significantly, painting a picture of increased bearish sentiment among traders.
However, they emphasized that ” the lack of optimism opens the door for (at least) a short-term bounce.”
Nevertheless, amidst this uncertainty, some analysts remain hopeful that Bitcoin is on track for significant growth. On Friday, pseudonymous crypto analyst Plan C noted that reaching $1 million per Bitcoin is a realistic possibility based on advanced statistical models.
“$1,000,000 Bitcoin is NOT a fantasy… according to the most advanced current statistical models; it is a highly probable outcome.” He tweeted.
Notably, his comprehensive analysis indicates that a robust fair value model, which examines 747,614 data points at 10-minute intervals, projects Bitcoin’s fair value to reach approximately $1,004,538 by January 1, 2034, with its current fair value estimated at around $67,748.
Utilizing 50% quantile regression, he explained that the predicted value is positioned at the median, allowing for potential fluctuations above and below this figure.
“The real fun hasn’t even started yet,” he added, suggesting that Bitcoin is precisely on track compared to previous cycles.
Other experts have echoed this sentiment. Lyn Alden, an investment strategist and author of Broken Money, suggested in an interview last month that BTC could reach $1 million within the next eleven years, driven by growing adoption of the cryptocurrency. Alden also posited that the asset might eventually surpass gold’s $17 trillion market cap becoming a leading asset. Her outlook aligns with that of Ark Invest CEO Cathie Wood, who has previously forecasted Bitcoin, reaching this milestone, albeit by 2035.
Samson Mow, a prominent Bitcoin advocate and CEO JAN3 has also expressed his expectation that Bitcoin will soar to $1 million. In January, he identified two key factors that could drive this surge including the Bitcoin halving and the approval of spot BTC ETFs by the SEC. Last month, he reaffirmed his position, responding to critics of his $1 million forecast and maintaining his confidence in Bitcoin’s potential for significant growth.
“What’s with people commenting that my $1.0M Bitcoin call is dangerous? LOL! What’s the danger?” he tweeted. Mow argued that concerns about the potential risks of investing in Bitcoin reflect a misunderstanding of its value proposition, highlighting a growing optimism in the asset’s future.
BTC traded at $62,192 at press time, reflecting a 0.55% surge over the past 24 hours.
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