Bitcoin Price continued today’s recent crash on August 26th, reaching its lowest level since July 10th.
summary
- Sergei Nazarov believes that Bitcoin prices have a strong path to $1 million over time.
- He considers continued recruitment by pension funds, hedge funds and family offices to be the next major catalyst.
- Other top analysts believe BTC prices will continue to rise over time.
Bitcoin (BTC) has undergone an adjustment after a 11% decline from the previous year. Still, Sergey Nazarov, founder of ChainLink, a $16 billion coin, believes he can jump to $1 million over time.
The founder of ChainLink offers bold Bitcoin price predictions
In an interview with Koindsk, Nazarov has become the latest major player predicting that Bitcoin will jump to $1 million. The BTC trade is $109,000, so you will need to jump 817% to reach that target.
Such a move will boost the fully diluted rating to $21 trillion. That’s lower than the $23 trillion valuation of gold.
Nazarov believes that the main catalyst for the next move to $1 million will be accumulations from sovereign wealth funds, family offices and pension funds. He estimates that these funds could allocate at least 5% of their assets to crypto.
Nazarov joins other popular individuals who have provided bold Bitcoin price predictions. For example, Charles Hoskinson of Cardano believes he can jump from $250,000 to $500,000 over the next 12-24 months.
Standard Chartered believes BTC prices have risen to $200,000 by the end of the year and $500,000 by the end of 2028. While BlackRock is expected to rise to $700,000, Ark Invest believes it will reach $2.4 million by 2030.
The main catalyst for the surge in Bitcoin prices is its continued global adoption, as evidenced by the increase in exchange contract funds and the increase in Bitcoin finance companies. At the same time, Bitcoin supply on exchanges fell to its lowest level in a few years.
Technicians suggest that BTC prices could drop before they rebound
BTC Price Chart | Source: crypto.news
Long-term Bitcoin price forecasts are bullish, but there could be short-term volatility, as we’ve done in the past.
The weekly chart has formed a rising wedge pattern since March 2024, showing that the two trendlines are approaching the confluence.
At the same time, the coin formed bearish divergence patterns as top oscillators like MACD and relative strength index.
So the coin can be under $100,000, and in some cases it could hit $79,186 on its 100-week moving average, and then resume the uptrend over time.
