Bitcoin News Today: Bitcoin analyst forecasts $1M in 10 years as spot ETFs drive stable growth

A prominent cryptocurrency analyst has forecasted a transformative shift in Bitcoin’s growth trajectory, predicting the digital asset could reach $1,000,000 within a decade. Mitchell Askew, head of research at Blockware, argues that the era of parabolic bull runs and severe bear market corrections has ended, replaced by a more measured, institutionally driven ascent. This shift, he claims, reflects Bitcoin’s evolving role as a mainstream financial asset rather than a speculative play.

Askew’s analysis hinges on the structural changes introduced by the launch of spot Bitcoin ETFs in early 2024, which he describes as a turning point for BTC’s stability. Unlike previous cycles marked by explosive 10,000% annual gains followed by 75% crashes, Bitcoin’s current path is characterized by controlled price increases and prolonged consolidations. The analyst notes that post-ETF approval, Bitcoin’s most significant drawdown has been around 30%, a stark contrast to historical volatility. This stabilization, he argues, underscores growing institutional confidence and regulatory clarity [1].

The roadmap to $1,000,000, according to Askew, will involve recurring phases of aggressive price surges followed by extended periods of consolidation. These consolidations serve as “price validation” tests, ensuring market resilience before the next upward move. This model, however, may deter short-term speculators, as the gradual climb favors long-term holders over traders seeking quick profits. Askew emphasizes that private miners—particularly those leveraging tax incentives and low-cost operations—stand to benefit most from this prolonged growth. He describes the scenario as a “logical progression” rather than an unrealistic projection, citing Bitcoin’s increasing adoption by institutional players as a key driver [1].

The analyst also cautions against relying on outdated cycle theories, such as the 2024 halving event or Trump-era bullish expectations, to predict short-term gains. Timing market tops based on historical patterns, he warns, risks missing Bitcoin’s steady, decade-long ascent. For example, the idea that BTC could surge to $500,000 in five months is deemed “unrealistic” under the new paradigm. Instead, Askew advocates for strategic patience, noting that macroeconomic factors like inflation hedging and global capital flows will play a larger role in BTC’s valuation [1].

While the $1,000,000 target remains speculative, Askew’s framework highlights a departure from Bitcoin’s volatility-driven past. The cryptocurrency’s recent performance illustrates this shift: over the past month, BTC underperformed the broader crypto market by 16% in TWD terms, reflecting a more stable, gradual appreciation rather than sharp spikes [2]. This trend aligns with broader institutional adoption, as regulatory developments and global monetary policies increasingly shape Bitcoin’s integration into traditional finance.

The analyst’s predictions, however, are not without risks. Prolonged consolidations could test investor patience, especially amid geopolitical uncertainties or liquidity constraints in key markets. Additionally, the transition to a slower growth model requires both retail and institutional investors to adapt strategies, prioritizing long-term positioning over speculative trading. Askew acknowledges these challenges but maintains that Bitcoin’s trajectory reflects its maturation as a financial asset, rather than a repeat of past cycles [1].

Sources:

[1] Mitrade, “The Days Of Parabolic Bitcoin Bull Runs Are Over: Analyst Reveals How BTC Will Reach $1,000,000,” https://www.mitrade.com/insights/news/live-news/article-3-992286-20250729

[2] CoinGecko, “BTC to TWD: Bitcoin Price in New Taiwan Dollar,” https://www.coingecko.com/en/coins/bitcoin/twd