Bitcoin price pulls back as analysts tout $1m–$2.4m potential

Bitcoin price has pulled back from its all-time high as investors take profits following a 50% surge from its April lows.

Bitcoin (BTC) was trading at $108,645 on Thursday, around $4,000 below its all-time high of $112,965. 

Analysts remain optimistic about further upside, citing ongoing demand and tightening supply dynamics. Speaking at a Bitcoin conference, Adam Back, the founder of Blockstream, noted the coin could climb to $1 million within the next five years.

With Bitcoin trading at $108,645, a move to $1 million would represent an 825% gain from current levels. It would also give the cryptocurrency a fully diluted valuation of $21 trillion.

Back is one of the most recognized figures in the crypto industry, having appeared in Satoshi Nakamoto’s original white paper. He now runs Blockstream, a crypto infrastructure company whose valuation peaked at $3.2 billion in 2021.

Several other high-profile analysts also see significant upside for Bitcoin. Ark Invest projects it could reach $2.4 million by 2030, while BlackRock estimates a potential peak of $700,000. Michael Saylor has suggested Bitcoin’s market cap could eventually hit $100 trillion.

The bullish case for Bitcoin price

The core argument for higher prices is rising institutional demand. Spot Bitcoin exchange-traded funds have surpassed $45 billion in cumulative inflows, with the iShares Bitcoin ETF alone managing $71 billion in assets.

Companies are also beginning to accumulate Bitcoin. Trump Media is raising $2.5 billion to buy BTC, while GameStop bought over 4,000 coins last week. Only a few publicly traded global firms have entered the space, leaving room for broader corporate adoption, particularly in light of Strategy’s success.

Nation-states may also ramp up purchases. El Salvador was the first to adopt Bitcoin as legal tender, and in the U.S., Donald Trump has proposed creating a Strategic Bitcoin Reserve. Pakistan, the Czech Republic, and Poland have also signaled interest in holding reserves.

Rising demand coincides with tightening supply. Bitcoin held on centralized exchanges has dropped to its lowest level in seven years.

Bitcoin price short-term forecast

The daily chart shows Bitcoin consolidating in recent sessions. This sideways movement forms the handle of a cup-and-handle pattern, a well-known bullish continuation setup.

The cup has a depth of approximately 32%, which suggests a price target of $143,920 when projected from the pattern’s upper boundary.