Crypto analyst and trader Jason Pizzino is optimistic that Bitcoin (BTC) could hit a seven-figure price over time.
In a new video update, Pizzino tells his 263,000 YouTube subscribers that it’s “not too far out of the question” for Bitcoin to rally by around 25 times and reach a price of $1,000,000.
“A 25x might seem like it’s a little far-fetched. But as we can see from December 2018 to the current top in 2021 in November, it’s basically been a 22x return. So 2,100% here. So it’s not too far out of the question. But I just think it’s going to take a lot more time than people are expecting.”
The analyst and trader says that for Bitcoin to reach a $1,000,000 price, the flagship crypto asset needs to overcome challenges such as severing its tie to equities. According to Pizzino, Bitcoin is highly correlated to the Nasdaq stock index.
“Some of the challenges that we’ve got to get through is decoupling from the Nasdaq…
The problem lies with the Nasdaq itself being that we could be in for more downside in the Nasdaq which means more downside in Bitcoin and Ethereum and of course cryptocurrencies.”
Pizzino says that besides decoupling from equities, Bitcoin needs to trade more like gold whose price is now near the all-time highs amid an inflation spike that central banks are now fighting.
“Bitcoin needs to decouple from technology. It needs to decouple from the tech sector and it needs to go more in line with gold if it is to become a world reserve asset…
It’s very correlated to the Nasdaq along with Ethereum and other cryptocurrencies. And it needs to move more towards gold. And that is of gold’s market movements while the Fed tightens interest rates and the rest of the stock market starts to decline.”
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