Crypto Analyst Jason Pizzino: How Bitcoin Could Reach $1 Million

A popular crypto analyst, Jason Pizzino, explains how Bitcoin (BTC) could hit $1 million per coin, but it will take some time.

Pizzino in a recent video, shared with his 263K subscribers on YouTube that it’s “not too far out of the question” that BTC could reach $1 million or 25x from its current value.

“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.”

According to the analyst for Bitcoin to hit $1,000,000, it would have to break its tie to the equities, as it’s currently 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 notes that Bitcoin would also need to be trading more like gold, which is now close to all-time highs as inflation is at record highs.

“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.”