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. *My dear fellow, who needs excitement when you can have a most unexciting and underwhelming ascent?* 💰
“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. *A drama-free affair, I daresay.* 🎭
“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. *How thrilling.* 😴
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. *Ah, the eternal dance of hope and despair.* 🕺
For months, the industry has been debating whether growing demand from spot Bitcoin ETFs and treasuries has completely disrupted the Bitcoin four-year cycle. *A cycle, you say? How pedestrian.* 🕰️
Not everyone shares PlanC’s outlook, however. *How very daring of them.* 🎭
“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.” *A given? How predictable.* 🚀
However, PlanC’s slow-and-steady projection sees Bitcoin hit $1 million by 2032, a bit later than some other industry executive predictions. *A touch of patience, my dear.* 🕰️
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. *No question? How bold.* 🎩
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. *A sign of doom, or simply a very well-timed investment?* 🤔
“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. *A most unflattering assessment.* 😬
Everyone prefers “smaller corrections” for Bitcoin
Swyftx lead analyst Pav Hundal told CryptoMoon on Tuesday that “everyone wants the narrative around smaller corrections to make sense.” *A narrative, you say? How very 21st century.* 📚
“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. *A steady base? How dull.* 🧱
But he warned that the market is still in uncharted territory. “We don’t know how the market will react to pressure,” he said. *Uncharted territory? How thrilling.* 🧭
“Treasury buyers aren’t immune to traditional market forces,” he said. *Traditional market forces? How predictable.* 📉
“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. *Forced sellers? How very dramatic.* 🎭
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2025-09-02 06:50