You might be utterly confused at why bitcoin will likely reach 120,000 due to the title. But I will make it all transform into a coherent view.
Bitcoin is in its infancy. There are stocks more valuable than bitcoin. This shows just how much space there is for bitcoin to grow. At the current price of bitcoin, we'd need the market cap to be at exactly 2.4 trillion dollars in order to reach 120,000. The rest of the market follows bitcoin as well. This would be a market cap of roughly 1.2 trillion dollars. If bitcoin ever reached its potential , its market cap would be the biggest in the world, and one of the most prominent financial tools in the world as well. The NASAQ is at a 22 trillion dollar marketcap, imagine what bitcoin could be at if it's just a bank account for the ultra wealthy? To be fair, the NASDAQ and NYCE are already bank accounts for the ultra wealthy, so it all depends on your own individual perspective. A century ago, the price of a barrel of oil was around $1.35. Oil went up to over $20, but a barrel of oil was below $40, today it's at 80$. The reason is because oil is a volatile commodity. Crude oil prices shoot up and down like crazy. Even the sell offs after each major crisis had always ocurred. Bitcoin acts extremely similarly. Its value can reach ridiculous levels, and there are times when it will go nowhere. But you have to take a deep breath and remember that bitcoin has become the most decentralized and secure investment in the world, completely seperate from governments and untraceable. What we are seeing is just the tip of the iceberg. Bitcoin could unlock secure international transactions between governments and government members. Instead of having to use centralized means of exchange, these government members can have backdoor deals that are completely untraceable which is bad but also good at the same time due to how it proves the usecase of bitcoin time and time again - the bad part being that we wouldn't want governments doing backdoor deals... Not to mention the fact that bitcoin spot ETFs and futures are about to be approved by the US SEC very soon with many notable investors being heavily invested on that action specifically being taken. This is likely due to the fact that it'll bring in a ton of institutional money and at the same time bring in a ton of new investors into the crypto space. This fact alone has brung cathie woods..a not so good investor into believing that the price will shoot up to 1.5 million dollars per bitcoin, by the end of 2030.