Bitcoin price has started the year on a positive note, indicating that investors are regaining confidence in the asset. Amid this, a flurry of market experts has set different price targets for the flagship crypto, which has sparked discussions in the market. Besides, a top analyst also discussed BTC’s potential to hit $1 million in 2025 and what could trigger such a rally in the coming months.
Can Bitcoin Price Hit $1 Million?
Bitcoin price has gained notable traction in 2024, especially after Donald Trump’s election win in November. However, as we enter 2025, the market participants remain on edge with many exploring what lies ahead for the flagship crypto. Amid this, a top expert recently revealed if BTC could target the $1 million mark in 2025 and factors that can boost the price higher.
For context, Jeff Park, Head of Alpha Strategies at Bitwise, recently said that the crypto can likely rally to $1 million in 2025. He noted that the crypto can hit the $1 million mark only if the Bitcoin Strategic Reserve idea for the US becomes reality. However, he also said that the chance of the BTC Reserve happening in 2025 is less than 10%.
Meanwhile, Trump’s victory has boosted the sentiment of the market lately. Besides, his active support for BTC during his election campaign has further fueled market optimism. The Republican leader also pledged to make the US the crypto capital, which has further triggered speculations.
A flurry of countries are also shifting their focus towards the digital assets space, especially Bitcoin. In addition, corporations like Michael Saylor’s MicroStrategy are also spending heavily on crypto, reflecting the growing market interest in crypto.
Bold BTC Forecasts
BTC price today was up over 2% and exchanged hands at $95,656 while its one-day trading volume fell 24% to $29.99 billion. Notably, the crypto has touched a 24-hour high of $95,824 and a low of $92,788. Furthermore, CoinGlass data showed that Bitcoin Futures Open Interest also rose significantly, reflecting the strong market interest in the crypto.
Meanwhile, a recent CNBC report shared several price targets for BTC by experts. For instance, CoinShares Head of Research James Butterfill said that Bitcoin price could rally to $150K in 2025. However, he also noted that the crypto could slump to $80K as well if the bearish momentum dominates.
Simultaneously, Matrixport said that the crypto is likely to hit $160K this year. On the other hand, Galaxy Digital expects BTC to rally to $185K in 2025 amid soaring crypto adoption of the institutions.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: