Bitcoin Forecasted to Drop 70%, Hit $1 Million Long Term

Vineet Budki, CEO of Middle East-based Sigma Capital, predicts Bitcoin could decline by up to 70% during the next bear market due to cyclical patterns and rapid sell-offs.

Budki’s forecast highlights market volatility, underscoring Bitcoin’s potential to reach $1 million per coin within a decade despite short-term fluctuations, impacting holders and broader crypto sentiment.

Bitcoin’s Potential Crash and Future Value at $1 Million

Budki predicted the cyclical tendency in Bitcoin’s market might cause a 65–70% drop in its future. Sigma Capital’s CEO highlighted the market’s lack of understanding of Bitcoin’s economic aspects, resulting in hasty sell-offs during unfavorable market signals. According to him, the market’s rapid sell-offs often cause pronounced volatility.

Although facing potential short-term volatility, there is long-term optimism for Bitcoin. Budki’s forecast anticipates Bitcoin reaching $1 million per coin, driven by expected expanding adoption and utility.

“The next bear market could see a decline of up to 70%. Despite short-term volatility, I expect Bitcoin could reach up to $1 million per coin over the next decade.” — Vineet Budki, CEO, Sigma Capital

The community’s response varies as discussions continue over Bitcoin’s market cycles. No direct comments from prominent figures like Arthur Hayes or CZ were found reacting to Budki’s views.

Historical Price Patterns Influence Institutional Investor Strategies

Did you know? Similar Bitcoin drawdowns ranging from 50% to 80% have occurred following cycle peaks in 2013, 2017, and 2021. These patterns have historically influenced movements in correlated cryptocurrencies like Ethereum and major altcoins.

As per CoinMarketCap data, as of November 2, Bitcoin trades at $109,923.61 with a market cap of $2.19 trillion, dominating 59.23% of the market. The 24-hour volume fell by 56.14% to $25.51 billion. Bitcoin’s price decreased by 8.56% over the past 30 days.

Coincu research indicates the market’s response depends on evolving institutional trends. Analysts highlight the diminishing role of retail speculation in cycle predictions, focusing more on macro conditions driving institutional investors. Regulatory and technological developments could further shape the market landscape.