Bitcoin Could 'Eventually' Trade Above $2 Million, Beth Kindig Shares Analysis: End of Current Bear Cycle Could Lead to 'Exceptionally Powerful' Move

Financial analyst Beth Kindig on Monday cited an I/O Fund analysis that projected Bitcoin’s(CRYPTO: BTC) long-term price target at $2 million, despite a weak near-term outlook.

Still No Conclusive Bottom Signal?

Kindig said in an X post that although calls for a Bitcoin bottom are becoming more frequent, several signals indicate the bear market may not yet be over.

The I/O fund analysis found that Bitcoin’s aggregate volume has dropped to its lowest level in two years, indicating a lack of buying interest near the recent low.

The analysis found similarities to the 2022 bear market, marked by sharp vertical declines followed by messy and overlapping bounces.

“There has been a clear shift in the dominant trend, which is being confirmed by simple trend analysis and volume analysis, and until these signals shift, we remain cautious of any bounces,” the analysis read.

Bitcoin has fallen 54% from its October high and calls for a bottom are increasing, yet the same signals that kept us on the right side of every major $BTC swing since 2020 still points lower.

But the I/O Fund is far from a perma-bear. Instead, we layout the surprising path for…

Aug 24, 2026

Bitcoin to $2 Million in Long-Term?

The I/O Fund said that while its intermediate-term outlook on Bitcoin isn’t “great,” its long-term outlook remains bullish.