"Many analysts give their views, so you have to do your own analysis too, you know."
The king of cryptocurrency Bitcoin (BTC) which fell to almost $40,000 on January 3, 2024 seems to have recovered as its price managed to climb slowly to reach $44,725 on January 4 yesterday.
As such, crypto analyst Bit Paine predicts that BTC will reach $1 million by January 3, 2025, so there are major factors that could push the price of the digital asset to see a significant increase.
Among them are 750,000 new BTC likely to be mined where 20 to 30% of the existing BTC supply will be available for sale while the rest of the crypto market is in bullish momentum going forward.
However, the analyst also expects an additional 2 to 6 million BTC to enter the crypto market due to the recent emergence from a prolonged bear market, BTC's maximum increase and the crypto's decreasing increase.
While an estimated $1 to 5 trillion in capital is poised to enter the market over the next five years, Paine commented, adding that most of the gains in the BTC market typically occur in the first year following a halving event.
Please note that investors' attention is also focused on the possible spot BTC ETF by the Securities and Exchange Commission (SEC) which is expected to open the market to a wider investor base and attract large investments.
As of this writing, BTC price has surged by 2.94% at $44,243 in the last 24 hours with a market cap of $865 billion and a further 3.60% increase over the last week.
