3 Ways Bitcoin Price Could Hit $1M, According to BTC Bulls

Bitcoin (

) has fallen more than 50% from its all-time high of around $126,000 late last year, but bulls see this as a temporary setback on a much longer journey — one that could eventually lead BTC to $1 million and beyond.

Several paths could push BTC into seven figures, but they all require Bitcoin to play a greatly expanded role in the global financial system. The question is what drives the shift. The likely candidates include institutional adoption, government accumulation, a loss of confidence in fiat money, or some combination of the three.

None of these are sure to happen. Even if BTC does eventually reach $1 million, analysts’ timelines vary wildly. Projections range from as low as five years to as many as 40. Others say the day may never come.

“Picking price is the easy part. The timeline is always the hardest,” Bitcoin analyst Anthony Pompliano

CNBC.

Several paths could lead to a $1 million Bitcoin. Source: CoinMarketCap

Divergent Bitcoin Price Projections

The most bullish forecasts see BTC cresting $1 million within the next market cycle. VanEck’s digital assets research head, Matthew Sigel, has

a $1 million BTC within five years is the firm’s base case. ARK Invest’s Cathie Wood has