Amid the ongoing Bitcoin price volatility, a popular figure in the crypto community, Fred Krueger, has made a bold prediction for Bitcoin, saying that the value of the coin might reach $1 million sooner than we expect. This statement has sparked discussion among crypto community members on social media. Notably, this is not the first time we have gotten a $1 million BTC prediction, however, the duration for this one is noteworthy.
The price of Bitcoin has fallen below the $60k mark once again as we approach the weekend. Investors are worried about the continuous decline as the general sentiment surrounding the market remains bearish as seen in the crypto fear and greed index data.
Bitcoin to $1 Million Prediction
In a recent post on X (formerly Twitter), popular crypto investor Fred Krueger explained the conditions that could trigger an upsurge, shooting the price of the flagship cryptocurrency to heights not seen before.
According to the post, he compared Bitcoin to a “giant call option on Inflation,” suggesting Bitcoin as an inflation cap. He opined that the Bitcoin price could hover within the range of 150K and 300K for another four years if the economy holds stable with little or no inflation.
Conversely, he stressed that if the Fed cuts interest rates, which is likely to happen in September as per previous reports, print more, and the economy witnesses another explosion of inflation, then the price of Bitcoin will be “on its “going to the moon” within the next presidential cycle.
Bitcoin is like a giant call option on Inflation.If the system can hold together for another 4 years with little to no inflation, we'll probably hold at power law trendline +/- one standard deviation. 150K-300K or so.But if we cut rates, print and then get another big bout of…
— Fred Krueger (@dotkrueger) August 14, 2024
Other Bitcoin $1 Million Predictions
Interestingly, this prediction adds to the heap of other bold predictions, forecasting Bitcoin to reach $1 million in the coming years. In a previous report by Coinfomania, the global investment firm Bernstein predicted that Bitcoin’s value will reach $200,000 by 2025, rise to $500,000 by 2029, and reach an impressive $1 million by 2033. However, this forecast suggests that Bitcoin will reach this level later than Krueger’s expectation.
Also earlier this year, market analyst Bit Paine gave his analysis on how Bitcoin can achieve the $1 million price feat in the next five years. His analysis draws base from BTC mining operations stating that about 750,000 BTC would be mined within this period. Citing historical movements, he noted that about 20-30% of the existing Bitcoin supply will be available for sale in the bull market.
“I tend to think it’ll be lower than prior cycles (~10-15%) for many reasons: the long bear we have just exited, the rise of the maxi hodler, the death of “crypto” as an asset class (no “rotating onto alts”), and the emergence of #BTC as a treasury-class asset,” he said.
Considering this, he opined that about 2-6 million Bitcoins will enter into the market, increasing circulation to 2.75-6.75 million. The anticipated surge in price will be catalyzed by an influx of institutional funds into the Bitcoin market, guessing that about $1-$5 trillion will be pumped into the market between this year and 2029.
Meanwhile, the price of Bitcoin was down by 4.73% at the time of writing to trade at $58,109. The present decline has not swayed investors’ confidence in Bitcoin as a hedge for inflation. While the possibility of Bitcoin hitting $1 million is still uncertain, the piling predictions increase optimism and create discussions across the crypto community.
The post Bitcoin Could Reach $1 Million Soon if Inflation Increases, Investor Predicts appeared first on Coinfomania.
