On September 12, Bitcoin (BTC) experienced a significant surge, surpassing $116,500 and driving the overall cryptocurrency market capitalization beyond $4.1 trillion. This notable increase has sparked a range of opinions among experts. Some analysts express skepticism regarding the sustainability of this upward trend, anticipating a potential correction, while others believe Bitcoin is poised to reclaim its former price peaks.
Currently, Bitcoin is trading well above critical simple moving averages (SMAs), with the 7-day SMA located at $112,158 and the 200-day SMA at $102,081. Positive momentum indicators support this bullish sentiment, as evidenced by the Relative Strength Index (RSI) at 58.08, reflecting a neutral momentum environment. Additionally, the Moving Average Convergence Divergence (MACD) histogram shows a value of 663.57, indicating strengthening bullish momentum.
Tom Lee, an analyst from Fundstrat, predicts Bitcoin could reach $200,000 by the end of the year, citing historically strong performance for cryptocurrencies during the fourth quarter. This forecast has garnered support from Galaxy Digital CEO Mike Novogratz, who is known for expressing his commitment to the crypto market, even famously tattooing the logo of the now-defunct Terra (LUNA) stablecoin.
Trading expert Peter Brandt has not specified precise figures but aligns with forecasts suggesting a potential doubling of Bitcoin’s price by early 2026.
Longer-term projections for Bitcoin’s price can be astoundingly optimistic, with some predictions hitting seven figures. Arthur Hayes, co-founder of BitMEX, has set a provocative target of $1 million by 2028. Hayes attributes this bullish outlook to anticipated inflationary policies and an increase in U.S. government debt, which could drive investors toward cryptocurrencies as a safe haven.
Analysts at Standard Chartered Bank have also shared bold expectations, projecting that Bitcoin could reach $200,000 by the conclusion of 2025 and surpass $500,000 by 2028. They believe that macroeconomic uncertainties will encourage a shift in investment strategies, with Bitcoin being viewed as a digital alternative to gold. Furthermore, the upcoming halving event in 2028, which will reduce the rate of new coin supply, is expected to heighten buying pressure.
Looking ahead to 2030, Cathie Wood, CEO of ARK Invest, has developed a range of forecasts for Bitcoin’s price: $300,000 in a bearish scenario, $710,000 in a baseline case, and a staggering $1.5 million in a bullish scenario. Wood notes that the likelihood for the latter has increased as Bitcoin becomes more entrenched in institutional portfolios, offering returns that stand out from traditional assets.
In late August, Brian Armstrong, CEO of Coinbase, projected that Bitcoin might reach $1 million by 2030, facilitated by clearer regulatory frameworks. Jack Dorsey, founder of Block and a staunch Bitcoin advocate, also supports the notion that Bitcoin could become a dominant currency of the Internet, corroborating a target price of $1 million. Similarly, Michael Saylor, co-founder of Strategy, has expressed that Bitcoin could eventually trade for as much as $5 million in the long run.
With forecasts ranging from conservative to wildly optimistic, the future trajectory of Bitcoin continues to be a topic of intense debate among analysts, investors, and crypto enthusiasts alike.
