Bitcoin Predicted to Reach $1.8 Million by 2035, Despite Recent Volatility

Joe Burnett, Director of Market Research at Unchained, has sparked a lively discussion among investors and analysts with his bullish prediction for Bitcoin. According to Burnett, Bitcoin could reach an astonishing $1.8 million per coin by 2035, despite recent price crashes and international trade tensions. He based this prediction on two models: the parallel model, which suggests Bitcoin will be about $1.8 million in 2035, and Michael Saylor’s Bitcoin 24 model, which suggests Bitcoin will be $2.1 million by 2035. Burnett's confidence in Bitcoin’s long-term trajectory is rooted in the belief that its technological progress will eventually allow it to overtake gold as a store of value. He compared the potential shift from gold to Bitcoin to the transition from horse and buggy to the automobile industry, highlighting Bitcoin's potential to become the dominant safe asset in the face of volatility.

Burnett's optimism about Bitcoin's resilience during bear markets is also noteworthy. Despite the current Bitcoin price holding around $82,000 after the market crash this month, Burnett remains confident in the coin’s ability to withstand volatility. He explained that the highs bring attention to Bitcoin, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders. This demonstration of resilience could set the stage for long-term growth as institutional adoption increases. While some analysts remain cautious due to market volatility and the dismal performance of Bitcoin ETFs, Burnett’s prediction has sparked discussions about the future of the Bitcoin price. With predictions suggesting Bitcoin prices as high as $2.1 million by 2035, bullish sentiments rise among investors worldwide.

Bitcoin's recent price movements have been closely watched by analysts. Bitcoin commenced trading at $79,500, continuing on the downtrend. With the market now oversold, a golden cross formed on the MACD, and a reversal was seen. Bitcoin formed a stable uptrend, ascending rapidly at first. The uptrend would carry on the entire morning until 9:00 UTC, where Bitcoin would continue to grow beyond the resistance point despite overbought conditions prevailing. Bitcoin reached $82,939. It faced slight correction with a death cross, but spiked once again to breach $83,000. However, it faced immediate correction and fell to the $81,364 support. Buying pressure picked up soon, and Bitcoin ascended in a channel, consolidating around the $82,776 support. It continued to climb in the presence of strong buying pressure, plateauing at the $84,100 resistance. Bitcoin challenged the resistance repeatedly before finally losing the bullish trend. A slow downtrend followed, and Bitcoin was seen finding support at the $82,776 mark again. The coin found another uptrend, but faced rejection at the $84K mark again. Since then, Bitcoin has displayed horizontal range-bound behavior, consolidating around $83,500.

Bitcoin has enjoyed a strong buying trend in the last 24 hours. After every ascent, it has been able to form a trading range and hold on to the gains. Given that, Bitcoin looks highly poised to showcase more upward movement. Most of the movement will be trend-based, unless the current resistance breakout occurs in the form of a spike. As of now, RSI rests in the middle, if it tips to either side, some rapid movement may occur.