Will Bitcoin Reach 1 Million? Key Market Signals & Expert Opinions

Nov. 9, 2024

Author: Bitcoin Magazine Pro Team


It’s hard not to get swept up in the excitement of Bitcoin’s price action. Even if you’re not a trader, rapid price movements can influence investor sentiment and impact the long-term prospects of Bitcoin. So, whether you’re looking to buy Bitcoin, sell it, or hold on for dear life, it’s important to understand what’s driving the momentum, including Bitcoin supply and demand. One of the most pressing questions after Bitcoin’s recent surge is: Will Bitcoin reach 1 million dollars? We’ll identify the key factors influencing the price of Bitcoin. Then, we’ll explore expert predictions on whether Bitcoin will reach 1 million dollars and when that might happen.

To help you better understand Bitcoin price trends, check out Bitcoin Magazine Pro's comprehensive Bitcoin analysis tool. This resource outlines key on-chain and technical indicators for Bitcoin to help you make sense of current market conditions and their potential effects on Bitcoin's future price.

Bitcoin Surges 10% to a Record Above $76,000 on Trump Triumph and Fed Rate Cut

Bitcoin Price - Will Bitcoin Reach 1 Million

Bitcoin hit a new all-time high on Thursday, the second day of market euphoria following Donald Trump's election in the US. The price of one Bitcoin almost hit $76,900 on Thursday, topping the record it had set just 24 hours earlier. Robust spot Bitcoin ETF inflows, Bitcoin’s break out of a seven-month downtrend into price discovery, and the Republican Party’s red wave across the United States government are signals that have prompted institutional investors to boost their allocations to Bitcoin. 

Evidence of this is that CME BTC futures trading volume rose to an all-time high of $13.2 billion on Nov. 6, and the CME notational open interest reached 15,255 BTC on the same day. Within the CME, what is clear is that institutional investors are positioning for further upside, and the Nov. 6 addition of $1.1 billion in open interest reflects this. Pre-election spot Bitcoin ETFs inflows in the billion dollar range, followed by solid flows post-election. There has been a steady rise in Bitcoin’s open interest and the election of pro-BTC legislators across all the branches of the US government. 

Bitcoin Surges On Fed Rate Cut

Equities and BTC markets are responding positively to the expectation that benchmark interest rates will continue to drop, a point reinforced by the US Federal Reserve's 25-basis-point rate cut on Nov. 7. 

The increased likelihood of the US creating a Strategic Bitcoin Reserve and the expectation that the US Federal Reserve will continue to cut rates is also boosting investor confidence and leading market participants to increase their allocations to equities and BTC. 

Bitcoin Futures Markets See Unprecedented Activity

When asked about the increased activity in CME Bitcoin futures and options markets, HighStrike’s head of options and derivatives,

JJ, said: “Ceaseless demand from Coinbase spot reflects increased appetite from US institutional investors following the Trump victory and the perceived removal of White House hostilities toward the industry. Following the lack of realized volatility during the election relative to the amount of volatility implied by the options market prior (90%+), we’re seeing longer-dated implied volatility levels settle and find what could be floor at the 50% region (BTC ATM IV chart in Velo) which is where they’ve spent most of the past 2 months consolidating.” 

JJ added: “This is likely making buying longer-dated call options attractive from an options perspective, as despite the move to new ATHs for BTC and the influx of new demand options IV is nowhere near the levels it reached at the previous ATH back in March when longer-dated IVs were well above 80%, or even during the July rally when they peaked around 70%.” Short-term price expectations reside in the $82,000 to $85,000 range. 

Technical Analysis Predicts Continued Bitcoin Growth

From the vantage point of technical analysis, traders anticipate a rally to the $78,000 to $85,000 range. Aggregate order book structure at 2.5% depth shows a block of asks in the $77,000 to $78,000 range, followed by what currently looks like open air until $83,000.

The Fibonacci extension tool currently projects the rally to extend to $82,367, which aligns with the 1.618 level. Aggregated spot volumes have also remained consistent while the funding rate has cooled off, and liquidations have mainly been insignificant during today’s rally to new price highs.

Related Reading

Where will Bitcoin Price Head Next?

Woman Trading on Mobile - Will Bitcoin Reach 1 Million

Bitcoin has broken above the resistance held for eight months, indicating that BTC's latest consolidation period has likely ended. Since then, key technical indicators have turned bullish, suggesting Bitcoin price may soon resume its ascent. BTC recently surpassed $73,900 and may soon challenge this month's highly anticipated $80,000 mark. The Relative Strength Index (RSI) has reached the upper threshold and may enter the overbought levels instead of a pullback that occurred during the previous attempts. 

The 50-day and 200-day Exponential Moving Averages just underwent a bullish crossover, suggesting a Golden Cross, which has pushed the price higher, and the accumulated bullish pressure may keep up the momentum. Therefore, the Bitcoin price is believed to rise and form a new ATH above $75,000 initially. Later, it will continue to trade within a discovery phase, testing higher targets after that. 

What Does the Bitcoin Price Prediction Look Like for November 2024? 

The Bitcoin price witnessed huge volatility throughout October, and as a result, the upcoming days are expected to be greener for the BTC price rally. Like the previous month, the current monthly trade also began on a bearish note. Therefore, after the selling pressure and volume exhausts, the buyers are expected to reclaim the dominance and close the monthly trade, and this month may see Bitcoin price hitting new ATHs and close above $80,000

What will Bitcoin's Price Prediction Look Like in 2025? 

The bulls are expected to dominate at the beginning of the year, potentially sustaining a steep upward trend. The BTC price could rapidly approach $120,000 and surpass $150,000 before the end of the year's first half, barring any bearish activity. In the year's second half, a strong upward trend is anticipated, with the bull run potentially intensifying and driving the BTC price to $200,000. However, the bears may intervene, causing a significant price drop, potentially touching the levels down to around $95,000 in 2025. 

Will the Bitcoin price rise again in 2024? 

In 2024, Bitcoin's price is expected to experience upward pressure due to the scheduled halving event, reducing the mining reward and, thus the supply of new Bitcoin entering circulation. Historically, Bitcoin has seen significant price appreciation following halving events, as reduced supply often meets steady or increasing demand. This year, other factors, such as economic conditions and regulatory developments in major markets, will also impact BTC's price. 

Should the market remain favorable, with institutional adoption on the rise and global regulatory clarity improving, Bitcoin's price could indeed continue to climb throughout 2024, potentially setting new record highs. Investors remain cautious, considering Bitcoin's notorious volatility and the influence of external economic factors like inflation and interest rates.

Related Reading

Will Bitcoin Reach 1 Million in The Current Rally?

Person Watching Trade on Laptop - Will Bitcoin Reach 1 Million

Bitcoin’s last bull run reached an astonishing peak of nearly $69,000 in November 2021. Since then, prices have struggled, with Bitcoin dropping to a low of about $16,000 in December 2022. Prices have shown signs of recovery, gaining over 130% since the start of the year. 

As Bitcoin approaches its next halving event scheduled for April 2024, investors are eager to see how high prices can go this time around. Many believe a significant price increase is overdue, and some predict targets of $1 million or more. 

Bitcoin’s Supply and Demand Dynamics

Bitcoin’s supply and demand dynamics make its price predictions particularly interesting. Bitcoin’s supply is capped at 21 million, which creates scarcity. Demand can fluctuate drastically based on market conditions and investor sentiment. Halving events tend to decrease the available supply of Bitcoin and spark fresh rallies. 

What Do Bitcoin’s Past Bull Runs Suggest? 

Bitcoin has experienced several boom and bust cycles since its inception in 2009. Each market cycle has led to higher lows, and historical data suggests that Bitcoin’s price will continue to grow over time despite its volatility. Bitcoin’s next halving event is scheduled for April 2024. The halving will reduce the rate at which new Bitcoin is created and decrease the current block reward from 6.25 to 3.125. Past halvings have taken place in 2012, 2016, and 2020. Each time, Bitcoin’s price experienced a notable increase in the following months, with the most recent rally pushing prices to nearly $69,000. 

What Factors Could Sustain a Price Surge? 

Several factors could sustain a price increase for Bitcoin in the months ahead. Bitcoin’s supply is indeed capped at 21 million, so buying pressure will naturally drive prices up as more investors enter the space. 

Bitcoin is increasingly viewed as a hedge against inflation and economic uncertainty. As the global economy faces mounting pressure from high inflation and rising interest rates, Bitcoin’s appeal is growing among investors looking to protect their portfolios. 

What Could Limit Bitcoin’s Growth? 

While Bitcoin’s long-term prospects look promising, investors should remain cautious and prepare for volatility. Bitcoin is known for its unpredictable price fluctuations, and the asset could face several hurdles that limit growth in the months ahead. For one, Bitcoin remains under regulatory scrutiny in many jurisdictions, including the U.S. Recent comments from the SEC suggest the agency may be cooling on the industry.

There is still a long way to go before the regulatory environment stabilizes. Any new regulations or enforcement actions targeting the industry could damage Bitcoin’s price. Market volatility could also impact Bitcoin’s ability to achieve a $1 million price target. The asset has begun to decouple from traditional markets, but further correlation with the stock market could pose risks as economic conditions change. 

What Are Analysts Saying About a $1 Million Bitcoin? 

Predictions for a $1 million Bitcoin vary drastically among analysts. In September, Sebastian Serrano, CEO of the Argentina-based exchange Ripio, predicted Bitcoin will reach $1 million by 2030. Serrano’s outlook is largely driven by the rising levels of U.S. public debt and the devaluation of the U.S. dollar. He argues that as more global investors seek safe-haven assets, Bitcoin will become a top choice among younger generations. Others share similar views. MicroStrategy CEO Michael Saylor, a strong advocate for Bitcoin, asserts a $1 million valuation is likely, positioning it as a superior store of value compared to fiat currencies and even gold. He emphasizes Bitcoin’s unmatched stability in preserving wealth, particularly in uncertain economic climates, which enhances its appeal among large investors.

Venture capitalist Chamath Palihapitiya also believes a $1 million Bitcoin is achievable, attributing his prediction to Bitcoin’s ability to hedge against global economic instability. In a recent podcast, Palihapitiya stated: “I think it’s going to be much more than that. A million dollars is the easy number. It’s going to be a lot more than that.” The Winklevoss twins and Tim Draper support substantial growth, with Draper setting a target of $250,000 by 2024, underscoring Bitcoin’s increasing acceptance as both a financial asset and a mainstream technology. 

Bitcoin’s History of Volatility 

While the outlook for Bitcoin is bullish, its history of volatility reminds investors to approach it with caution. Each market cycle has seen downturns followed by recoveries, reinforcing Bitcoin’s resilience. Only time will reveal whether Bitcoin can achieve the extraordinary milestone of $1,000,000 by 2030 or face new challenges. 

Related Reading

Save 30% on Bitcoin Magazine Pro's Bitcoin Analysis Tool With Our Annual Plan

Bitcoin Magazine Pro offers a comprehensive set of analytics tools, designed to help investors and enthusiasts better understand Bitcoin through data. The platform provides a wide range of free, regularly updated Bitcoin charts, each accompanied by detailed explanations to make complex information accessible.

For those looking to dive deeper, paid tiers offer features like:

  • Chart alerts
  • Exclusive indicators
  • In-depth market reports

Whether you're a curious Bitcoin investor wanting to grasp the factors influencing Bitcoin's price or an analyst eager to expand your knowledge, Bitcoin Magazine Pro aims to provide clarity and insights to support more informed decision-making in the Bitcoin space. 

Save 30% on Bitcoin Magazine Pro's Bitcoin analysis tool today when you sign up for our annual plan!

Any information on this site is not to be considered as financial advice. Please review the Disclaimer section for more information.