Crypto analyst Ali has made waves in the digital currency community with a bold prediction: Bitcoin could reach $1 million within 90 days. The statement has sparked widespread debate and speculation about the potential for a market-top signal. However, Ali’s calculation is not without its detractors.
In a subsequent tweet, Ali clarified that $18,797,203,666,237 would need to be invested into BTC to push it to $1 million within three months. However, critics have pointed out that this simplified calculation fails to account for important factors such as market liquidity, order book depth, depreciation in the US dollar value, and other market dynamics.
Ali’s Bitcoin Prediction Vs. Community Response
Some community members have also disputed Ali’s math, pointing out that Bitcoin’s market cap is a result of a mathematical operation and not a product of the amount of money circulating.
Others have suggested that investing such a large amount of money into Bitcoin would be impossible within three months.
One community member criticized Ali’s math, stating that counting each dollar invested as $50 invested is not accurate. Another member agreed that while a $1 million price point in 90 days is unbelievable, Ali’s statement is also not entirely true.
They suggested that it may take only roughly 10% of Ali’s estimated investment to reach the $1 million target, but even less as the price of BTC continues to rise.
Another member offered a different perspective, claiming that Bitcoin’s market cap is a result of a mathematical operation and not a product of the amount of money circulating.
They argued that the price could go up with less money than is needed to push it to $60k and that Ali’s calculation failed to consider this.
Some community members also highlighted the sheer scale of Ali’s estimated investment, which they claimed would represent 15% of the world’s GDP. However, they noted that not all Bitcoin would be available for sale and that only $9 trillion would be needed to reach the $1 million price point.
Despite the range of opinions on Ali’s prediction, there remains a general consensus among some members of the community that Bitcoin’s potential is vast. While a $1 million price point in 90 days may be out of reach, some predict that Bitcoin could reach this milestone by at least 2034.
Related Reading | Weekly Market Watch: Bitcoin and Ethereum’s Bullish Ride, Altcoin Shines