Bitcoin’s Potential for an Unprecedented Surge to $9 Million
An analyst named @RiggsBTC believes that Bitcoin (BTC) is on the verge of a remarkable surge that could propel its price to over $9 million within the next two years. According to @RiggsBTC, the current Bitcoin bull run, which began in late 2022 after prices dropped to as low as $15,000, marks the start of a “supercycle.” This supercycle refers to a period where BTC will rally aggressively and continue to gain momentum.
The Factors Behind Bitcoin’s Potential Growth
@RiggsBTC attributes this potential surge to several factors. One of the most significant factors is the upcoming supply shock caused by the Bitcoin halving scheduled for early April 2021. With less than 21 million BTC in circulation, a reduction in supply coupled with sustained demand could support Bitcoin and fuel a bullish trend.
To put this expected growth into perspective, @RiggsBTC estimates that if just 5% of global wealth (conservatively estimated at over $1 quadrillion) were exposed to the limited BTC in circulation, there would be even more upside potential.
The Shift in Ownership and Institutional Interest
According to @RiggsBTC, there will only be around 5 million BTC available for purchase, with most of them being sold by “weak hands” to nation-states and institutions. This shift in ownership will serve as a catalyst for further price increases and could result in Bitcoin reaching $9 million within the next 24 months.
The Impact of a Spot Bitcoin ETF Approval
The approval of spot Bitcoin ETFs by regulatory authorities like the SEC could also have a significant impact on Bitcoin’s price. Once approved, institutional investors will have a regulated avenue to gain exposure to Bitcoin, which could lead to an influx of capital into the market. The anticipation of a spot Bitcoin ETF in the United States has already contributed to price increases since October.
However, it remains to be seen how the market will react once the SEC authorizes this derivative. In the past, the approval of key crypto derivatives products has led to cyclic peaks followed by price drops, such as the case with the first Bitcoin Futures product in December 2018.
Hot Take: Bitcoin’s Potential Surge and Future Outlook
According to @RiggsBTC, Bitcoin’s potential for a surge to $9 million within the next two years is driven by various factors, including the upcoming supply shock caused by the Bitcoin halving and increased institutional interest. If these predictions hold true, it could signify a new era of growth and adoption for Bitcoin. However, as with any investment, there are risks involved, and it’s important to monitor market trends and regulatory developments closely. Ultimately, only time will tell whether Bitcoin can reach such unprecedented heights.
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