Bitcoin was back in the news this week after surging past $104,000 before retracting slightly. The rally, which initiated around May 7, propelled the world’s largest cryptocurrency from $93,000 to as much as $104,000 by May 9.
After a 4% retreat in the following 24 hours, Bitcoin still maintained a weekly gain of around 6%. This short-term market movement is now driving larger predictions, including one forecasting that Bitcoin will increase another tenfold in value.
Another 10x Jump ‘Inevitable,’ Expert Says
Muneeb Ali, the brain behind the Bitcoin Layer 2 solution Starks, believes the next significant leap is imminent. In his assessment, Bitcoin has already undergone three distinct price phases: from $100 to $1,000, then to $10,000, and subsequently over $100,000.
i’ve seen bitcoin go:
– from $100 to $1,000.
– from $1,000 to $10,000.
– from $10,000 to $100,000.one more 10x to $1,000,000 is inevitable.
— muneeb.btc (@muneeb) May 8, 2025
Ali highlights that while each surge took more time, they followed a familiar trajectory. In 2013, Bitcoin climbed from $100 to $1,000 in four months, and four years later, it reached $10,000. By December 2024, it had crossed the $100,000 mark. On this trajectory, Ali posits that another tenfold increase to $1 million isn’t just plausible—it is “inevitable.” However, the specific drivers behind this potential rise remain unexplained.
New Projection Sees $116K Next Month
The latest Bitcoin price forecast from CoinCodex predicts a price increase of 13%, aiming for $116,600 by June 8, 2025. Technical analysis supports this positive outlook, with 20 out of the past 30 days (67%) closing positively. Over the same timeframe, Bitcoin experienced a price volatility of 6.50%.
The Fear & Greed Index currently stands at 73, indicating a sentiment of greed among investors. While this prediction does not yet suggest a rush to $1 million, it confirms that there is still room for Bitcoin to rise in the near future.
A US Government Buy-In Could Speed Things Up
Zack Shapiro, a legal expert from the Bitcoin Policy Institute, shares a similarly bullish outlook on Bitcoin’s prospects. He has studied a bill known as the Bitcoin Act, reintroduced last March, proposing that the US government purchase 1 million BTC within five years—representing 5% of the total supply.
If this legislation is enacted, it would fund the acquisition through profits from gold revaluation. Shapiro notes that such a plan could generate a surge in demand, potentially driving Bitcoin to $1 million sooner than expected, provided the bill gains the necessary momentum and financial backing.
Featured image from Gemini Imagen, chart from TradingView
