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.
You might also like: Pakistan confirms plans for a strategic Bitcoin reserve
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
BTC price chart | Source: crypto.news
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.
You might also like: Vance: Bitcoin needs political support to stay protected
