Bitcoin can reach $1 million: Read our detailed analysis on whether Bitcoin can reach $1 million in 2022.
So can Bitcoin reach $1 million in 2022?
Bitcoin has been down in the last 24 hours and now the price of BTC is $19,966.18. Here are the calculations of how Bitcoin can reach 1 million:
|Price as of 30 June||$19,987|
|How many times will the price have to go up to become 1 M?||51st|
|Market cap as of June 29||$381 B|
|How much does it cost 51 times 381 billion dollars?||19431 billion dollars|
|If Bitcoin were to increase by 20% per year, how many years will it take to reach 1 million?||9 years|
|If Bitcoin were to increase by 50% per year, how many years will it take to reach 1 million?||4 years|
|If Bitcoin were to increase by 50% per year and burn even 50% of the coins||2 years|
Bitcoin can reach $1 million: Bitcoin Performance 2022
BTC has been underperforming since January 22 and we haven’t seen any good increase in months. Bitcoin has lost almost 60% of its value since January 2022.
Bitcoin can reach $1 million: the things that don’t work for BTC currently are:
- YTD yield: The cryptocurrency market is declining and almost all cryptocurrencies are lower and this is the case since January 2022. But what’s more worrying is that BTC is one of the worst performing cryptocurrencies this year. BTC has lost almost 58% of its value this year.
- Crowd buzz: The buzz is very negative and there seems to be no improvement. Both mentions and commitments are low.
- BTC’s Whale Holdings has increased in the last 2 weeks
Bitcoin can reach 1 million dollars: the last year falls and the factors responsible
- November – Bitcoin fell from its peak in November after October US inflation data exceeded 6%.
- January- Due to an 18% increase, BTC inflation has fallen dramatically.
- February – BTC rose 20% during the Russian invasion of Ukraine.
- March- The upward trend continued in March, with Bitcoin rising modestly to $45,539. So Bitcoin has been down by just $1,000 since December 31, 2021, when it closed at $46,306 and today. The lowest point was about $34,000. With U.S. inflation numbers rising and the Fed’s rates rising twice, Bitcoin fell a whopping 55% between April and June 18.
- As oil prices cooled slightly, Bitcoin rose 17% from its low of $17,708 on June 18. However, BTC stopped with a modest development in the previous 5 days as crude oil prices rose again.
Bitcoin can reach 1 million dollars: BTC shareholder data
- According to data from IntoTheBlock, 33% of BTC holders are within a time period of 1-12 months, while 6% of BTC holders are less than 1 month old. There are 61% of BTC holders over the age of 1 year as of now according to the data.
- According to data from IntoTheBlock, 50% of holders are making money at the current price and 47% lose.
Bitcoin can reach $1 million: why should BTC be part of your long-term investment?
Yes, BTC can be part of your long-term investment for the following reasons:
- BTC has a considerable store of value and currency for payment.
- The current drop in the price of Bitcoin is due to the lack of liquidity. Liquidity has historically improved at some point in time, so it can be expected that Bitcoin will recover once liquidity returns to the market and BTC prices are correlated with disposable income.
- Strong and creamy investors have not yet come out due to which BTC will gradually recover.
- Seeing YTD-BTC we can see that BTC is good at recovering, and this is not the first incident. So eventually this phase of decline will end soon.
- Some people compare Bitcoin to the Tulip Craze, while others refer it to the Dot Com Bust. However, both the Tulip Mania and the Dot Com bubble lasted about three years. Bitcoin has been repeatedly tested in this contemporary era of computers and boom and bust cycles over the past 12-15 years. So, the comparison is false and Bitcoin will bounce.
Can Bitcoin reach $1 million? Conclusion
For Bitcoin to reach $1 million, it will need to have tremendous growth in the coming months. Bitcoin has great acceptance around the world, but the cause for concern currently is the rise in inflation. Due to the price increase, smaller investors withdrew their investment to meet their daily needs.
Bitcoin in the last year has worked according to the stock market. When the stock market went up, the price of BTC rose, and when the stock market collapsed, BTC collapsed. Currently, the stock market is going through a turbulent phase and there has been a bloodbath in stock markets around the world.
The cryptocurrency market has also undergone a turbulent phase. Now that Bitcoin rises or the cryptocurrency market recovers, the stock market, especially the US stock market, must recover. The current situation does not show a likely recovery, so it is highly unlikely that Bitcoin Price will reach $1 million this year.