Bitcoin has long been a talking point, capturing the attention of investors and traders alike. Recently, Joe Burnett, the Director of Market Research at Unchained, made waves with his bold prediction that Bitcoin could surge to an astonishing $1.8 million per coin by 2035. Despite facing significant price crashes and international trade tensions, Burnett’s optimism reflects a deep-rooted confidence in Bitcoin’s long-term potential. During a live discussion on X, he emphasized his view that Bitcoin could rival gold’s staggering $21 trillion market cap in just over a decade.
Bitcoin vs Gold: Is it Even A Competition?
The debate between Bitcoin and gold as a store of value continues to heat up, and Burnett added his insights to this ongoing conversation. He highlighted Bitcoin’s technology and its inherent advantages over gold, suggesting that future advancements will enable Bitcoin to overtake gold in this sphere. “The automobile industry is significantly more valuable than the horse and buggy industry,” he stated, drawing a parallel to show how revolutionary shifts can redraw the lines of value. Burnett noted that if Bitcoin were to approach gold’s market capitalization today, its price would hover around the $1 million mark. This assertion underscores Burnett’s belief in Bitcoin’s potential not just as an investment, but as the leading safe-haven asset amidst volatility.
Bitcoin Holds Strong Amid Volatility
While Bitcoin’s price currently fluctuates around $82,000 after a recent market crash, Burnett maintains a bullish outlook. He asserts that Bitcoin’s resilience during market downturns signals its strength and longevity. “The highs bring attention, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders,” he explained, a sentiment that has resonated with many long-term investors. This sort of market behavior contributes to a foundation that could underpin substantial growth, especially as institutional adoption of cryptocurrency gathers pace.
Though some analysts remain wary, citing the impact of tariffs and the lackluster performance of Bitcoin ETFs, Burnett’s predictions appear to ignite bullish sentiments globally. The prospect of Bitcoin reaching anywhere between $1.8 million and $2.1 million within the next decade has provoked conversations about the coin’s future among investors.
Bitcoin Price Analysis
An examination of Bitcoin’s recent pricing activities reveals a narrative of both volatility and potential recovery. Bitcoin commenced trading at $79,500 yesterday, which has been part of a downtrend. However, after a golden cross appeared on the MACD (Moving Average Convergence Divergence), indicating a potential reversal, Bitcoin positioned itself to gain momentum. Following a period of stable uptrends, by 9:00 UTC, Bitcoin saw significant growth, ultimately reaching a price point of approximately $82,939 before encountering a minor correction.
As illustrated in the accompanying chart from TradingView, Bitcoin initially faced a brief retracement but soon gained traction again. The trading activity displayed a clear upward channel, finding support near $82,776 and eventually peaking at $84,100 after a series of attempts to breach resistance. However, the bullish trend could not be maintained indefinitely, prompting a downtrend that saw Bitcoin returning to the $82,776 support level. The latter part of this trading period witnessed Bitcoin experience yet another uptrend, although it faced rejection at the $84,000 mark once more. Currently, Bitcoin’s price is consolidating in a horizontal range around $83,500.
BTC Price Prediction: Can Bitcoin Continue to $85K Today?
In the last 24 hours, Bitcoin has seen significant buying interest. After each upward movement, the coin has successfully established a trading range, underscoring its ability to retain gains. This trend has led to optimism that Bitcoin might sustain or even break above the $85,000 threshold in the near term. Analysis suggests that while movement will primarily depend on underlying trends, the potential for a breakout is palpable. Currently, the Relative Strength Index (RSI) rests in a neutral zone, indicating that any shifts might lead to rapid market movements, further igniting speculation and trading activity.
