Bitcoin is still expected to hit $1.8 million by 2035, despite recent price drops and reduced investor interest driven by global trade tensions. Joe Burnett, director of market research at Unchained, said Bitcoin remains in a long-term bullish cycle. He pointed to two models, the parallel model and Michael Saylor’s Bitcoin 24 model, that project Bitcoin prices of $1.8 million and $2.1 million, respectively, within the next decade. Burnett described both as solid base cases, noting that Bitcoin’s actual price could exceed those figures depending on broader economic factors.
Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom, also gave a bullish forecast, suggesting that Bitcoin could reach $250,000 by the end of 2025 if the U.S. Federal Reserve starts another quantitative easing cycle. However, short-term investor behavior tells a different story. Enmanuel Cardozo, market analyst at Brickken, said investors are being cautious and rebalancing their portfolios, with many avoiding major Bitcoin positions in the next few months. He said Bitcoin ETFs have seen money flowing out as investors move toward safer assets like strong currencies and gold.
Since the start of 2025, gold has outperformed Bitcoin. TradingView data shows that gold prices have risen over 23%, while Bitcoin has dropped more than 10% in the same period. Tokenized gold has also gained traction. Trading volume crossed $1 billion this week, reaching its highest level in two years—the last time being during the U.S. banking crisis in 2023, according to Cointelegraph.
Market sentiment has been affected by political developments. Since U.S. President Donald Trump took office in January, financial markets have been under pressure. His push for new import tariffs aimed at reducing the trade deficit has created uncertainty, which in turn has limited risk appetite across both equities and cryptocurrencies. Burnett noted that this type of market environment slows down investment in assets like Bitcoin but doesn’t change the long-term outlook.
Despite short-term declines, Burnett remains confident in Bitcoin’s future. He argued that Bitcoin could eventually match or exceed the $21 trillion market cap of gold, especially given its technological advantages. “The gold market is an estimated $21 trillion market. If Bitcoin just hit $21 trillion and had Bitcoin-gold parity, Bitcoin would be $1 million per coin today,” he said.
He also pointed out that Bitcoin’s volatility is decreasing in both bull and bear markets. He said the major drawdowns, while still possible, serve as opportunities for long-term holders. “The highs bring attention, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders, as fast as possible,” he said.
