Bitcoin made headlines once more this week as it soared above $104,000 before experiencing a slight pullback. This upward trend, which began on May 7, saw the world’s leading cryptocurrency rise from approximately $93,000 to potentially reach $104,000 by May 9.
Following a 4% decrease over the next 24 hours, Bitcoin managed to secure a weekly growth of approximately 6%. This temporary move has sparked more significant projections, with one prediction suggesting that Bitcoin could potentially double its value tenfold.
Another 10x Jump ‘Inevitable,’ Expert Says
Muneeb Ali, the mastermind behind Bitcoin’s Layer 2 solution Starks, believes that a significant advancement is just around the corner. According to him, Bitcoin has made three notable jumps in its price history: first from $100 to $1,000, then from $1,000 to $10,000, and most recently surpassing $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 emphasized that each step along the way required more time but followed a consistent trend. In 2013, Bitcoin surged from $100 to $1,000 within four months, and then in 2017, it hit $10,000. By December 2024, it had surpassed the $100,000 mark. Given this trajectory, Ali suggested that a further 10x increase to $1 million isn’t just probable — it’s “inevitable”. However, he didn’t specify the factors that would cause such a substantial rise.
New Projection Sees $116K Next Month
According to CoinCodex’s newest prediction, the Bitcoin price might grow by 13% and reach approximately $116,600 on June 8, 2025. The technical analysis suggests a favorable trajectory, as 67% of the previous 30 days have ended with an increase in value. Over this period, Bitcoin exhibited a price volatility of around 6.50%.
Currently, the Fear & Greed Index stands at 73, indicating a state of ‘Greed.’ While this forecast doesn’t suggest immediate attainment of $1 million, it does support the idea that Bitcoin may continue its upward trend in the coming days.
A US Government Buy-In Could Speed Things Up
Zack Shapiro, an attorney at the Bitcoin Policy Institute, believes that Bitcoin holds significant and swift potential. He has examined a piece of legislation known as the Bitcoin Act, which was reintroduced in March last year. This bill proposes the U.S. government to acquire 1 million Bitcoins within a span of five years, equating to approximately 5% of the total supply.
Should the bill be enacted, it would use the earnings from gold revaluation for the acquisition process. Shapiro hinted that a similar strategy could significantly boost demand, potentially pushing Bitcoin’s value up to $1 million ahead of schedule. However, this would only happen if the bill picks up speed and manages to secure the necessary financing.
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2025-05-10 05:34