Bitcoin is projected to reach as high as $1.8 million by 2035, despite facing recent price declines and a dip in investor enthusiasm amid global trade tensions. Joe Burnett, Director of Market Research at Unchained, remains confident in the cryptocurrency’s long-term prospects, stating that Bitcoin is still in a sustained bullish cycle. Burnett referenced two key models—the Parallel Model and Michael Saylor’s Bitcoin 24 Model—which forecast Bitcoin prices of $1.8 million and $2.1 million, respectively, over the next decade. Both models, according to Burnett, serve as solid base cases, with the potential for Bitcoin to surpass these predictions depending on broader economic factors.
In line with this, Arthur Hayes, co-founder of BitMEX and Chief Investment Officer at Maelstrom, echoed a similarly optimistic outlook. Hayes suggested Bitcoin could hit $250,000 by the end of 2025, contingent upon the U.S. Federal Reserve initiating another round of quantitative easing.
However, short-term investor behavior paints a different picture. Enmanuel Cardozo, Market Analyst at Brickken, noted that caution is prevailing among investors, with many opting to rebalance their portfolios and avoid large Bitcoin investments in the near future. Bitcoin exchange-traded funds (ETFs) have seen significant outflows, with investors seeking safer assets like major currencies and gold.
Gold, in particular, has outperformed Bitcoin in 2025. TradingView data reveals that gold prices have risen by over 23% since the beginning of the year, while Bitcoin has fallen more than 10%. Additionally, tokenized gold has been gaining momentum, with trading volumes surpassing $1 billion this week—marking the highest level in two years, a period that mirrors the U.S. banking crisis of 2023.
Political developments have also played a role in shaping market sentiment. Under the leadership of President Donald Trump, financial markets have faced increased pressure due to his push for new import tariffs aimed at reducing the trade deficit. This uncertainty has dampened risk appetite across both equities and cryptocurrencies, slowing investment in assets like Bitcoin. Despite this, Burnett emphasized that while these conditions affect short-term market behavior, the long-term outlook for Bitcoin remains positive.
Burnett’s confidence in Bitcoin’s future is unwavering. He pointed out that Bitcoin has the potential to match, or even exceed, the $21 trillion market capitalization of gold, given its technological advantages. “If Bitcoin were to reach the market cap of gold, it would be valued at $1 million per coin today,” he stated.
Additionally, Burnett highlighted that Bitcoin’s volatility is decreasing, both during bullish and bearish phases. While major price corrections are still possible, they present opportunities for long-term holders. “The highs bring attention, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders, as fast as possible,” he said.
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