As of now, Bitcoin is trading just over $118,000 after recovering from a dip to a two-week low of $114,500. However, behind this relatively calm price action, an intriguing narrative of a potential supply shock is unfolding.
Overview of Current Bitcoin Prices
Currently, Bitcoin is trading slightly above $118,000 following a drop to $114,500 on July 24. Observers note that the recent price increase has been different from past downturns and uptrends.
Reasons for Reaching One Million Dollars
Proponents argue that we are witnessing the most calculated supply shock in crypto history. Some experts, like Swan, posit that this rise is a result of deliberate accumulation by corporate treasuries and ETFs. "This is the least euphoric bull market we’ve ever seen," Swan notes.
Roadmap to $1 Million
Swan has laid out a four-phase plan that could lead to Bitcoin reaching $1 million. This plan includes: * Quiet corporate absorption via algorithmic buys * Sovereigns stacking Bitcoin under the radar * Major treasury firms finalizing structures for maximum bidding * Narrative contagion igniting a multi-year melt-up.
In conclusion, there is a growing interest in Bitcoin as a strategic asset. Should significant purchases from the corporate sector materialize, this could lead to heightened volatility and substantial price increases for cryptocurrencies.
