This time I would like to explain the fundamentals behind how a $1 million+ BTC will happen.
There are several factors
1. Global recession - world economy is on the brink of a major catastrophe:
a) Never fully recovered from 2008 recession.
b) debt levels worldwide have risen since 2008 particularly in the US - as more countries are spending more on defence and military budgets preparing for a potential future war.
c) World Trade war - last one was in 1930 and that ended very badly.
d) US has just raised its interest rates and any more will certainly spark a long and deep recession.
e) Sanctions on Iran that will raise the price of oil to over $100 a barrel for the forseeable future.
2. Time for a new economy as for the reasons above the world is looking for a new system that will allow them to escape the coming onslaught. This time though it will be adopted by institutions and the mass alike creating a new and epic bull run.
3. Whilst the price of BTC rises the price of the dollar will fall in the years to come and this is why:
a) countries are beginning to realise that the old system with the dollar being the reserve currency no longer works. There is a drive with many nations slowly dumping both their US dollar reserves and to trade in their domestic currencies through swaps with other nations.
b) China's Petro Yuan is challenging Petro Dollar - China is already the largest importer of oil so will soon demand the oil nations to cease trading in dollars which would almost certainly spell the end for the dollar as the reserve currency.
For these reasons I submit that not only can BTC reach new heights through adoption and investment, but also that the US dollar can reach lows unseen before, thus exacerbating the price of BTC to over $1 million.
I got a similar idea, however I don't agree with your idea of sudden inflation without a deflation first, because you say a recession in the economy but I don't see the recession in the bitcoin chart. A "long and deep recession" means a huge dip in bitcoin as the value of fiat is increasing by definition.
Today, we got a pretty good move upwards and most importantly the altcoins are supporting that small BTC bounce. They are on the green side and many altcoins are high gainers!
The orange counter trendline has held us nicely and now there could be that power what we need to break through from those resistances:
- A candle close above the triangle upper trendline (black line)
- A candle close above the Oct. first week low which has worked nicely as a resistance
- A candle close above the strong resistance area at $6,460
Currently, it looks very bullish, the whole market looks bullish!