In a recent statement, David Bailey, CEO of Bitcoin Magazine, emphasized the significant impact of two major holders on Bitcoin’s price trajectory. He asserted that if it weren’t for the activities of these “whales,” Bitcoin could already be trading at $150,000. Currently, Bitcoin’s price stands at $110,200, reflecting a 2.3% increase over the past 24 hours.
Bailey highlighted that a surge in whale activity on August 24 caused Bitcoin to dip below $111,300, as one major holder sold more than 24,000 BTC—an action that notably influenced the market. He elaborated that one of the whales has already sold 80,000 BTC, while the second has sold 120,000 BTC, indicating that further price increases could be imminent once these substantial sellers are out of the picture.
Estimates on Bitcoin reaching $150,000 vary among experts. Steven McClurg, CEO of Canary Capital, noted a 50% probability for such a rise, while BitMEX co-founder Arthur Hayes speculated that the cryptocurrency could hit this mark by the year’s end. Many analysts believe that $150,000 could signify the peak of the current market cycle.
On a broader time scale, an analyst known as PlanC has predicted that Bitcoin could reach $1 million by 2032, but cautioned that the ascent may be gradual, characterized by prolonged corrections of 10-30% with minimal volatility. He raised a thought-provoking question about the nature of previous Bitcoin cycles, suggesting they may have been driven by retail investors and fear of missing out (FOMO). He posited that future growth could be a slower and steadier path, challenging the expectations of sharp price movements.
This “boring” rise to a million-dollar valuation is anticipated during a period of growing recognition and acceptance of cryptocurrency within traditional financial markets and institutional investment. According to PlanC, the market may experience extended sideways movement, leading participants to predict significant downturns when instead, the market may simply be consolidating before further gains.
Support for Bitcoin’s potential six-figure climb comes from various market figures, including Coinbase CEO Brian Armstrong and Eric Trump, son of the US President. Earlier in September, experts expressed optimism for a continued bull run in the digital gold sector, fueling hopes for Bitcoin’s resurgence.
