Slow And Steady Wins? Bitcoin To Hit $1M Via ‘Pump’ And ‘Consolidate’ Pattern: Expert

Contrary to popular belief, the price of Bitcoin has since forged multiple new all-time highs, with the current record high at around $122,800. Interestingly, the now-popular market consensus is that it is only a matter of time before the BTC price reaches a seven-figure valuation.

What’s interesting is that Askew expects the Bitcoin price to reach a $1 million valuation in the next 10 years. The crypto intelligence expert believes that “the days of parabolic bull markets and devastating bear markets are over” for the flagship cryptocurrency.

Askew added:

It will bore everyone to death along the way and shake the tourists out of their positions.

It is worth mentioning that Askew’s thesis aligns with the recent claim that the Bitcoin cycle theory is dead. In essence, both beliefs state that the premier cryptocurrency is now less likely to experience the extended bear market that typically follows after a bull run — a theory based on the introduction of institutional players through spot ETFs.

Ultimately, the air of increased stability around the premier cryptocurrency has made it a more attractive investment option for large institutional players. Balchunas also acknowledged that the BTC price is now less likely to experience major surges in short periods — as seen in the past.

Over the past week, the price of Bitcoin moved mostly sideways, oscillating between the $120,000 and $115,000 levels. As of this writing, the market leader is valued at around $117,900, reflecting a 0.4% price increase in the past day.

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