Bitcoin (BTC) Price Prediction: Promises a Million-Dollar Future. Will Bitcoin Hit $1M by 2029?

The road ahead for Bitcoin looks promising. At least, this is the prediction of Bitwise Chief Investment Officer Matt Hougan.

As one of the most popular cryptocurrencies on the market, Bitcoin has seen its fair share of price fluctuations throughout its history.

Despite its recent lackluster performance, Bitwise Chief Investment Officer Matt Hougan is still optimistic about Bitcoin's future and claims that it could hit $1 million by 2029.

During a presentation at the 2025 Spring Impact Conference, Hougan discussed Bitcoin's response to economic uncertainty.

He noted that the cryptocurrency doesn't always behave as a crisis hedge, as many buyers might expect. Instead, Bitcoin sometimes moves in correlation with the broader US stock market during periods of major economic news.

This pattern seems to be unfolding again as markets anticipate the impact of the 2025 Federal Open Market Committee (FOMC) Meeting this month.

The Bitwise executive is advising investors to hold onto their crypto investment in spite of the current uncertainty. He pointed out past data that shows Bitcoin price increases of more than 190% in the years following notable declines—a "dip then rip" trend that may continue in the coming weeks or months.

Using the Discounted Cashflow Analysis (DCA) to estimate a $1 million BTC price in 2029 yields a present value of $218,604 with a 50% discount factor. This aligns with Bitwise's long-term price forecast, which ranges up to $1.1 million per coin.

In recent trading, the cryptocurrency has encountered resistance at the $84,340 level, encountering support at $81,180. As the price hovers within a limited band, it showcases a lack of significant momentum in either direction.

However, analysts like Ark Invest's Cathie Wood have expressed optimism, predicting a "deflationary boom" that would propel Bitcoin to realize its full potential.

Reports also highlight possible US government actions that could have a major bearing on the long-term future of Bitcoin.

The proposed creation of a strategic Bitcoin reserve by the administration signals an official interest in the world’s leading cryptocurrency.

Furthermore, Senator Cynthia Lummis has announced the reintroduction of the Bitcoin Act Bill, an initiative that appears to be boosting institutional investor confidence in cryptocurrencies.

The potential impact of regulatory changes on Bitcoin is also extending to other digital assets, particularly stablecoins.

According to Bitwise's analysis, the success of Bitcoin is also linked to the US tariff wars. A main reason for Bitcoin's price changes is that it isn't as liquid as standard markets.

In the short term, Hougan said that geopolitical tariff conflicts might make the market more liquid. If this trend continues, it could be good for Bitcoin because buyers are seeking safety from economic uncertainty.