How high can the price of Bitcoin go this cycle? That is the question that everyone wants to know the answer.
The longer that you have been investing in Bitcoin, you will quickly learn that Bitcoin loves to be a contrarian. Doing exactly the opposite of what most are expecting. One thing is for certain: when BTC's price begins to rip, it is a painful reminder to everyone of how volatile it is and how quickly it moves.
2024 will always be remembered as the year when Bitcoin took the next leap forward in its trajectory. The first monumental development was the approval of the BlackRock US Spot BTC ETF in January, which was so massive that the hype behind it would propel Bitcoin's price to a new all-time high before the BTC halving even occurred—a first in Bitcoin's history.
Then in July, Presidential candidate Donald Trump spoke at the Bitcoin Conference 2024. Vowing to create a national Bitcoin stockpile, and make the US the strongest Bitcoin country in the world. It was the announcement that sent shockwaves across the world. Forcing other countries to discuss BTC and even create their own strategy. The only question was whether Trump would be elected, and if he would actually follow through on his promises.
As we already know, Trump would win the election and has continued to follow through on his promises so far. The hype off both of those developments would cause the price of BTC to skyrocket to $108k before dipping down to the $90k range.
As we look forward in this crypto cycle, everyone wants to know just how high prices will go. We have reached that point in the cycle when analysts have been boldly declaring their BTC price predictions. Ranging from $150k, $250k, $500k, and even above $1 million.
This are several factors that will determine how high Bitcoin's price will go.
1. Macro & World Events
As much as we want to believe that Bitcoin is a completely independent asset, and moves on its own. The truth is that macro developments around the world still greatly affect Bitcoin's price.
A great example is how Bitcoin's price dropped sharply due to Covid fears, the war between Russia and Ukraine, and also China banning Bitcoin. Each time we saw Bitcoin's price drop so sharply that many were declaring that Bitcoin may never be able to recover. Yet it was able to every single time.
It appears that Donald Trump could be the determining factor this time around. He has vowed that he wants to clean up the United State's spending budget and make the country "profitable" again. While that sounds incredible, the hard truth is that the US has gotten into such a deep debt situation that any solution will likely cause major financial pain.
His solution is setting tariffs against other countries, which has resulted in those countries also setting tariffs against the US. Again this leads to financial pain. This is likely the reason why Bitcoin's price has dropped by $10k during the last few weeks, and why altcoins have been feeling extreme pain.
Financial markets don't like uncertainty, and right now the world macro situation is extremely uncertain.
2. US Bitcoin Adoption
For as much trouble as the US causes, the truth is that they are still the most powerful financial country in the world. When the US does something, the rest of the world is paying attention; often following suit.
That is why Trump's promise during the Bitcoin Conference 2024 was such a monumental announcement. If the US strongly enters the Bitcoin market and even creates its own national reserve. It instantly becomes an asset that other countries around the world can no longer ignore.
Trump has only been President for a few weeks but has given every indication that he will keep his promises toward Bitcoin. Creating Bitcoin-friendly legislation, and also creating the BTC stockpile.
Once both of those happen, I hope that you are holding on to your seat belts, because that is the moment that Bitcoin's price will go parabolic. That is also the moment when you can throw all price predictions out the window. Bitcoin will have entered uncharted territory, and no one knows where its price will go.
With all of that said, I will attempt the thankless task of predicting where I see Bitcoin's price going this cycle.
My prediction involves two very large IFs that need to happen.
If the US can avoid going into tariff wars that send the macro situation into a panic and if the US also begins its own National Bitcoin Reserve. I could very easily see Bitcoin's price going above $1 million per coin this cycle. That is when the largest transfer of wealth the world has ever seen will take place.
While my price prediction may end up being completely wrong. The one thing that is certain is that Bitcoin will be very exciting to watch this cycle. There will be bullish days and times of depression and panic. Only the strongest will survive.
How about you? What is your Bitcoin price prediction for this cycle?
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