Can Bitcoin Reach $1,000,000 by 2025? – Forbes Advisor INDIA

The year 2024 began with great levels for all the cryptocurrencies including Bitcoin and Ethereum and also for crypto enthusiasts. The largest cryptocurrency in the world, BTC has lost approximately 65% of its market value in the entire last year. Crypto enthusiasts were caught off guard by a series of unpredictable events such as the Terra Luna crash, FTX fall, macroeconomic conditions and Binance guilty plea.

Last year was strong for the cryptocurrencies as the crypto world showed signs of recovery. Bitcoin even rose an average of 0.39 in the month of July at around $31,000 in 2023. The crypto world showed immense recovery at the end of the year, with BTC rising at good levels. At the beginning of this year, Jan. 3, 2024, BTC was at $45,203, market capitalization at $886.64 billion and market volume at $31.76 billion. Bitcoin rises high as expected. As of Feb. 29, 2024, BTC has hit the massive level of $62,645 for the first time since Dec. 2021 with a market capitalization of $1.23 trillion and an overall crypto market capitalization of $2.29 trillion which is exceptional. 

Will Bitcoin Recover Again? 

Post the psychological threshold of the $31,000 mark, Bitcoin has yet again started showing a bearish trend and trading below $30K levels. The world’s largest cryptocurrency, BTC, which was on the path of recovery had added on up to the monthly benefit of almost 15%, according to the latest charts retrieved by CoinMarketCap and is now trading at its highest level since Dec. 2021 valuing at around $62,645. 

BTC seems under slim pressure as inflation continues to be a crucial issue in emerging economies such as the U.S. and the UK, and as anticipated the U.S. Federal Reserve hiked the interest rates with a 25-basis point to tackle inflation issues. As per experts, the major resistance is seen near the $29,800 level and the next major resistance is at the $30,400 level. 

This is not the first time that BTC is under pressure. Bitcoin had seen a major fall that pushed the cryptocurrency below the $26,000 level, a three-month low, when the U.S. Securities and Exchange Commission sued one of the leading cryptocurrency exchanges in the world, Binance and its founder and chief executive officer, Changpeng Zhao (CZ).  

The SEC blamed crypto exchange Binance for creating separate entities as Binance.com and Binance US, as segments of an elaborate scheme to evade U.S. federal securities laws. It has also alleged that a firm owned by its founder CZ, had been involved in artificially growing the trading volume of crypto assets, listed on its Binance U.S. platform. 

Cryptocurrency experts believed that if BTC sticks to its level of $30,000, then it could bounce back likely from there and now look at it, it is leading at an amazing level of $62,645 as of Feb. 29, 2024.

In April 2023, the top cryptocurrency Bitcoin touched the key resistance of $30,000 level, for the first time since June 10, 2022 and then started dipping below till $26,000 level and now has supremely raised at $45,203 after May 2022. Crypto experts believe that if Bitcoin sticks to the $45,000 level and more it will touch the level of $60,000 by the end of the year 2024 and here it is in the first three months of the year, BTC has already touched the level of $62,000 and soon might set a new record of an all-time high.

However, the recovery path has started to blur and it looks like BTC might soon set a new record, as BTC is still down almost 10.25%, from it’s all-time high. At the start of the year, Bitcoin plunged below the level of $20,000. But due factors such as the deepening banking crisis in the U.S., the weakening of the dollar index and cooling inflation have been able to bring back Bitcoin and other digital currencies to lead the path of resistance. So, it is not wrong to say that the recent U.S. financial crisis has increased the appetite for cryptocurrencies.

While the future of…