The year 2025 is already coming to an end, and Bitcoin continues to amaze: after a new all-time high of $109,200, it is holding its position above $108,000. The market is once again asking a familiar question:
Can BTC ever be worth one million dollars?
The growth of BTC in 2024-2025 has clear, understandable reasons. And the most interesting thing is that they are not temporary but structural.
Spot Bitcoin-ETFs in the US have become a major magnet for capital, with more than $110 billion (according to Bloomberg).
BlackRock, Fidelity, Ark Invest, and other major players are buying up BTC at such a pace that the supply on exchanges continues to decrease. This creates a shortage, which historically always pushes the price up.
Halving is one of the most important mechanisms in the Bitcoin model. Every four years, the reward for miners is halved, and the market enters a phase of shortage.
Typically, the strongest growth begins at 12-18 month after the event. This is the point at which we are now.
There is a "political wind" effect in the market.
The U.S. government and financial institutions are taking a much softer stance on cryptocurrencies:
This increases the legitimacy of Bitcoin in global finance.

Financial experts and pioneering investors continue to make quite bold predictions. But unlike in previous years, these estimates are now backed by real fundamental factors, such as institutional demand, shortages, and blockchain technological development.
The most radical forecast belongs to Sam Kalman-Watkins (Swan Bitcoin)who believes that BTC could reach $1 million this cycle. 2025–2026.
For BTC to reach the price of $1,000,000, its market capitalization should be approximately $19.88 trillion.
For comparison:
In other words, $1 million bitcoin means that it has become a global security asset.
It sounds ambitious, but given the shortage, institutional demand, and the expanding use of BTC in the financial system, it is not. this scenario no longer looks fantasticespecially after 2028.
The market is entering a phase of late bullrunwhen the mood is most positive. Historically, the peak was reached a year and a half after the halving.
Yesterday it seemed like a theory, today it indicates a potential top in the period October 2025 - April 2026.
A likely scenario:

Today, this figure no longer looks like a joke or an unrealistic dream.
The market is moving in a direction where institutional investment, scarcity, and global liquidity naturally drive Bitcoin to higher price levels.
For those planning to enter the market or buy Bitcoinis one of the most interesting moments in the cycle.
Source: https://cryptomus.com/ru/blog/bitcoin-price-prediction-can-btc-reach-1-million
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