Bitcoin price continued its recent crash today, Aug. 26, reaching its lowest level since July 10.
- Sergey Nazarov believes that Bitcoin price has a strong path to $1 million over time.
- He sees the ongoing adoption by pension funds, hedge funds, and family offices as the next major catalyst
- Other top analysts believe that the BTC price will continue rising over time.
Bitcoin (BTC) has entered a correction after falling 11% from its year-to-date high. Still, Sergey Nazarov, the founder of Chainlink (LINK), the $16 billion coin, believes that it can jump to $1 million over time.
Chainlink’s founder delivers a bold Bitcoin price prediction
In a CoinDesk interview, Nazarov became the latest major player to predict that Bitcoin price will jump to $1 million. With BTC trading at $109,000, it needs to jump by 817% to reach that target.
Such a move would push its fully diluted valuation to $21 trillion, which is lower than gold’s valuation of $23 trillion.
Nazarov believes that the main catalyst for the next move to $1 million will be accumulation by sovereign wealth funds, family offices, and pension funds. He estimates that these funds may allocate at least 5% of their assets to crypto.
Nazarov joins other popular individuals who have delivered bold Bitcoin price predictions. For example, Cardano’s Charles Hoskinson believes that it can jump to between $250,000 and $500,000 in the next 12 to 24 months, citing the rising crypto adoption, regulatory clarity, including the CLARITY Act, and Bitcoin DeFi adoption.
Standard Chartered sees BTC price rising to $200,000 by the end of the year and $500,000 by the end of 2028. BlackRock sees it rising to $700,000, while Ark Invest believes it can get to $2.4 million by 2030.
The main catalyst for the Bitcoin price surge is the ongoing global adoption, as evidenced by rising exchange-traded fund inflows and Bitcoin treasury companies. At the same time, the supply of Bitcoin on exchanges has dropped to the lowest level in years.
Technicals suggest BTC price could drop before rebounding
While the long-term Bitcoin price forecast is bullish, there is a likelihood that it will have some short-term volatility as it has done in the past.
The weekly chart shows that it has been forming a rising wedge pattern since March 2024, with the two trendlines nearing their confluence.
At the same time, the coin has formed bearish divergence patterns as top oscillators like the MACD and the Relative Strength Index have continued moving downward.
Therefore, the coin could crash below $100,000, and possibly to the 100-week moving average at $79,186, and then resume the uptrend over time.