{"id":564258,"date":"2023-12-06T22:00:08","date_gmt":"2023-12-06T22:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=564258"},"modified":"2024-06-11T06:58:59","modified_gmt":"2024-06-11T06:58:59","slug":"bitcoin-supercycle-began-at-15000-btc-bulls-targeting-9-million-in-2-years","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-supercycle-began-at-15000-btc-bulls-targeting-9-million-in-2-years\/","title":{"rendered":"Bitcoin “Supercycle” Began At $15,000: BTC Bulls Targeting $9 Million In 2 Years"},"content":{"rendered":"

According to @RiggsBTC on X, Bitcoin (BTC) is poised for an “unprecedented” surge that could lift it to above $9 million in the next two years. Taking to X on December 6, @RiggsBTC <\/span>asserted<\/span><\/a>\u00a0that the current Bitcoin bull run, which began in late 2022 when prices dumped to as low as $15,000, marks the start of a “supercycle,” a period where BTC will aggressively rally, extending gains.\u00a0<\/span><\/p>\n

\"BTC
BTC “supercycle” to $9 million | Source: @RiggsBTC on X<\/figcaption><\/figure>\n

Will Bitcoin Hit $9 Million In 2 Years?<\/span><\/h2>\n

The asset manager attributes this potential upsurge to multiple factors. Top of the list is the looming supply shock, considering the expected Bitcoin halving scheduled for early April 2021. @RiggsBTC noted that with less than 21 million BTC in circulation, reducing supply and sustained demand could support Bitcoin, feeding aggressive bulls.<\/span><\/p>\n

Related Reading: Coinbase Introduces New Features For Global Remittances<\/a><\/div>\n

To contextualize the potential magnitude of this expected growth, @RiggsBTC estimates that only if 5% of global wealth, conservatively estimated at over $1 quadrillion, translating to $50 trillion, get exposure to the limited BTC in circulation, there will be more upsides. <\/span><\/p>\n

From the analyst’s view, there will only be around 5 million BTC, most of which are from “weak hands” selling to “nation-states and institutions.” This shift will be the basis for a leg up that will see Bitcoin reach $9 million “in 24 months.”<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending upwards on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Pierre Rochard, the VP of Research at Riot Platforms,\u00a0<\/span>echoed<\/span><\/a> @RiggsBTC’s sentiment, highlighting the favorable macroeconomic conditions likely to propel Bitcoin even higher. Rochard notes that the U.S. government spends $6 trillion, encompassing $4 trillion in taxes, $2 trillion in borrowing, and $1 trillion in interest payments on its $33 trillion debt. <\/span><\/p>\n

While the government spends huge sums of money on interest payments alone, Bitcoin’s market capitalization remains under $1 trillion. According to CoinMarketCap, BTC had a market cap<\/a> of $860 billion when writing on December 6.<\/span><\/p>\n

Eyes On The SEC And Bitcoin ETFs<\/span><\/h2>\n

Beyond the Bitcoin halving event and supportive macroeconomic factors, the community is also looking at regulators. In early December 2023, the crypto community expects the United States Securities and Exchange Commission (SEC<\/a>) to approve the first batch of spot Bitcoin ETFs. <\/span><\/p>\n

This product will provide institutional investors an avenue to get exposure to Bitcoin in a regulated environment, potentially unleashing a wave of capital. Since October, the expectations of a spot Bitcoin ETF in the United States have propped prices.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Dogecoin Price Pump Of Epic Proportions To $0.7, Here\u2019s When<\/a><\/div>\n

Even so, how the market will react once the SEC authorizes this derivative is yet to be seen. In the past, the approval of key crypto derivatives products, for instance, the first Bitcoin Futures product in the United States in December 2018, marked cyclic peaks. Afterward, prices tanked, dropping from $20,000.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

According to @RiggsBTC on X, Bitcoin (BTC) is poised for an “unprecedented” surge that could lift it to above $9 million in the next two years. Taking to X on December 6, @RiggsBTC asserted\u00a0that the current Bitcoin bull run, which began in late 2022 when prices dumped to as low as $15,000, marks the start of a “supercycle,” a period where BTC will aggressively rally, extending gains.\u00a0 Will Bitcoin Hit $9 Million In 2 Years? The asset manager attributes this potential upsurge to multiple factors. Top of the list is the looming supply shock, considering the expected Bitcoin halving scheduled for early April 2021. @RiggsBTC noted that with less than 21 million BTC in circulation, reducing supply and sustained demand could support Bitcoin, feeding aggressive bulls. Related Reading: Coinbase Introduces New Features For Global Remittances To contextualize the potential magnitude of this expected growth, @RiggsBTC estimates that only if 5% of global wealth, conservatively estimated at over $1 quadrillion, translating to $50 trillion, get exposure to the limited BTC in circulation, there will be more upsides. From the analyst’s view, there will only be around 5 million BTC, most of which are from “weak hands” selling to “nation-states and institutions.” This shift will be the basis for a leg up that will see Bitcoin reach $9 million “in 24 months.” Pierre Rochard, the VP of Research at Riot Platforms,\u00a0echoed @RiggsBTC’s sentiment, highlighting the favorable macroeconomic conditions likely to propel Bitcoin even higher. Rochard notes that the U.S. government spends $6 trillion, encompassing $4 trillion in taxes, $2 trillion in borrowing, and $1 trillion in interest payments on its $33 trillion debt. While the government spends huge sums of money on interest payments alone, Bitcoin’s market capitalization remains under $1 trillion. According to CoinMarketCap, BTC had a market cap of $860 billion when writing on December 6. Eyes On The SEC And Bitcoin ETFs Beyond the Bitcoin halving event and supportive macroeconomic factors, the community is also looking at regulators. In early December 2023, the crypto community expects the United States Securities and Exchange Commission (SEC) to approve the first batch of spot Bitcoin ETFs. This product will provide institutional investors an avenue to get exposure to Bitcoin in a regulated environment, potentially unleashing a wave of capital. Since October, the expectations of a spot Bitcoin ETF in the United States have propped prices. Related Reading: Crypto Analyst Predicts Dogecoin Price Pump Of Epic Proportions To $0.7, Here\u2019s When Even so, how the market will react once the SEC authorizes this derivative is yet to be seen. In the past, the approval of key crypto derivatives products, for instance, the first Bitcoin Futures product in the United States in December 2018, marked cyclic peaks. Afterward, prices tanked, dropping from $20,000. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":564261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,679,78790,3799],"class_list":["post-564258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-price","tag-btcusdt","tag-sec"],"acf":[],"yoast_head":"\nBitcoin "Supercycle" Began At $15,000: BTC Bulls Targeting $9 Million In 2 Years<\/title>\n<meta name=\"description\" content=\"Bitcoin analyst is convinced the BTC supercycle began at $15,000 and the coin might surge to $9 million in the next 24 months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin “Supercycle” Began At $15,000: BTC Bulls Targeting $9 Million In 2 Years","url":"http:\/\/uniquehot.com\/news\/bitcoin-supercycle-began-at-15000-btc-bulls-targeting-9-million-in-2-years\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-supercycle-began-at-15000-btc-bulls-targeting-9-million-in-2-years\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template136.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template136.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin price","btcusdt","sec"],"dateCreated":"2023-12-06T22:00:08Z","datePublished":"2023-12-06T22:00:08Z","dateModified":"2024-06-11T06:58:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin “Supercycle” Began At $15,000: BTC Bulls Targeting $9 Million In 2 Years\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-supercycle-began-at-15000-btc-bulls-targeting-9-million-in-2-years\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-supercycle-began-at-15000-btc-bulls-targeting-9-million-in-2-years\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Crypto-news-Template136.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Crypto-news-Template136.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin price\",\"btcusdt\",\"sec\"],\"dateCreated\":\"2023-12-06T22:00:08Z\",\"datePublished\":\"2023-12-06T22:00:08Z\",\"dateModified\":\"2024-06-11T06:58:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Crypto-news-Template136.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/564258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=564258"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/564258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/564261"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=564258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=564258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=564258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}