The price of Bitcoin experienced a continued decline today, Aug. 26, marking its lowest point since July 10.
Summary
- Sergey Nazarov forecasts that Bitcoin could potentially reach $1 million in value over time.
- He views the increasing interest from pension funds, hedge funds, and family offices as a significant catalyst for this growth.
- Other leading analysts anticipate that the price of BTC will continue to rise in the long run.
Bitcoin (BTC) has recently undergone a correction, dropping 11% from its year-to-date peak. However, Sergey Nazarov, the founder of Chainlink (LINK), valued at $16 billion, remains optimistic that it could ascend to $1 million in the future.
Chainlink’s founder presents an ambitious Bitcoin price forecast
In a CoinDesk interview, Nazarov joined other influential figures in predicting that Bitcoin could reach $1 million. Currently valued at $109,000, BTC would need to increase by 817% to achieve that goal.
This leap would elevate its fully diluted market valuation to $21 trillion, still below gold’s $23 trillion valuation.
Nazarov identifies accumulation by sovereign wealth funds, family offices, and pension funds as the primary driver behind the Bitcoin price surge to $1 million. He estimates these entities might allocate at least 5% of their portfolios to cryptocurrency.
Nazarov is among numerous prominent voices delivering daring Bitcoin price predictions. For instance, Charles Hoskinson from Cardano predicts it could soar to between $250,000 and $500,000 in the next 12 to 24 months, citing increased crypto adoption and improved regulatory clarity, including the CLARITY Act, along with Bitcoin DeFi growth.
Standard Chartered projects BTC could hit $200,000 by year-end and reach $500,000 by the end of 2028. BlackRock anticipates a rise to $700,000, while Ark Invest estimates it could climb to $2.4 million by 2030.
The driving force behind the Bitcoin price surge is the ongoing global acceptance, highlighted by growing inflows into exchange-traded funds and Bitcoin treasury firms. Concurrently, the available supply of Bitcoin on exchanges has fallen to its lowest point in years.
Technical analysis indicates potential short-term declines for BTC
Although the long-term outlook for Bitcoin’s price remains optimistic, there may be short-term fluctuations, as experienced in the past.
The weekly chart indicates a rising wedge pattern has been forming since March 2024, with the two trendlines approaching convergence.
Additionally, bearish divergence patterns have emerged as key oscillators like the MACD and Relative Strength Index continue to trend downward.
Consequently, Bitcoin could dip below $100,000, potentially reaching the 100-week moving average at $79,186, before embarking on a recovery in the long run.
