After Bitcoin (BTC) surpassed the $52,000, analysts have expressed optimism for BTC price achieving the ambitious target of $1,000,000. However, the journey wouldn’t be simple and a crypto analyst provided a breakdown of the factors that could lead to a rally of $1 million.
Will Bitcoin Touch $1 Million?
Before pointing out the reasons that could propel Bitcoin price rally to $1 million, Bitcoin HODL, a prominent crypto analyst on X, noted that the path to a $1 million Bitcoin involves a $21 trillion market cap, based on the BofA Bull Market Multiple. Thereafter, he explained that it would necessitate a capital injection of just $178 billion or $353 million worth of buying per trading session for two years straight.
The analysis assumes a growing multiple as more people HODL Bitcoin. Factoring in recent net inflows and accounting for selling, an equilibrium price of $301,709 before halving and $603,418 after halving is projected by Bitcoin HODL. This would entail $350 million attempt
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