Bitcoin (BTC) To Reach In Millions By 2030, Says Analyst

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Bitcoin (BTC) To Reach In Millions

Bitcoin (BTC) To Reach In Millions | A well-known conservative crypto analyst gave a bullish comment about Bitcoin’s price. According to a YouTuber, further proliferation of the digital asset will cause a steady rise in BTC to a million dollars.

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On a YouTube video, InvestAnswers signaled that BTC is approaching declining returns. Declining return is when an asset reaches a point where more future investments yield less profit. The crypto analyst said that each new market cycle brings BTC investors five times less profit compared to the previous one.

Related reading: Bitcoin Price Crashes To $19,000 But Remains Strong Against Other Assets

Bitcoin ready to trade for millions of dollars by 2030

However, the analysts gave a different view of bitcoin that contrasted with the digital asset’s seemingly declining returns. They quoted that the value of networks grows as the number of participants increases, according to Metcalfe’s law.

If Bitcoin follows the trend of disruptive networks such as cell phones and the Internet, applying Metcalfe’s law projects a bullish scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by 2030.

The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. However, it is not subject to wishful thinking. According to the analyst, the adoption of bitcoin’s digital assets follows the historical patterns of previous technologies.

Like InvestAnswers, there have been several observations from multiple users on the internet, supporting the future appreciation of bitcoin’s price.

BTCUSD
Bitcoin (BTC) To Reach In Millions
Bitcoin price plummeted to the $19,000 level after crossing $20K. | Source: BTCUSD price chart of TradingView.com

Crypto Market Cycles

As speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle.

The market cycle explains the ebb and flow of a market. Usually new markets have a slow start. They choose a point where people show little or no interest. But as the interest in the asset starts to rise, the demand rises and as a result the price starts to rise. A complete market cycle consists of four phases: accumulation, markup, distribution and markdown.

Related reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Rise

As the rising interest pushes the price of the commodity to new heights, it reaches a point where it eventually peaks. Investors are satisfied with their returns. And then selling the asset, which creates tremendous selling pressure. Therefore, the price starts to fall. After one market cycle ends, the next begins shortly.

Bitcoin Price Action

Bitcoin has fluctuated between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are looking keenly at the state of the broader market as a go-ahead to pump money into risky assets like bitcoin.

Bitcoin (BTC) To Reach In Millions

Featured image from Pixabay and chart from TradingView.com

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