Despite market corrections and global trade uncertainty, Bitcoin’s long-term outlook remains bullish, with some experts forecasting a price of $1.8 million or more by 2035. Joe Burnett, Director of Market Research at Unchained, reaffirmed this ambitious projection during Cointelegraph’s Chainreaction live show on X, arguing that Bitcoin is still in a strong upward cycle and may eventually surpass gold in market value.

Two Bullish Models for Bitcoin’s Future

Burnett highlighted two key models guiding his vision for Bitcoin’s future.

• The “parallel” model estimates Bitcoin will reach $1.8 million by 2035.
• Michael Saylor’s “Bitcoin 24” model pushes that figure to $2.1 million.

Both models rest on the idea that Bitcoin could one day rival or exceed gold’s $21 trillion market cap. “If Bitcoin had gold parity today, it would already be at $1 million per coin,” Burnett noted.

Macroeconomic Headwinds and Safe-Haven Shifts

Since former President Donald Trump’s return to office in January 2025, escalating trade tensions have rattled global markets. His aggressive tariff proposals have curbed investor risk appetite across equities and crypto.

While Bitcoin has long been touted as a safe-haven asset, recent macro uncertainty has driven capital into tokenised gold, which saw trading volumes spike past $1 billion this week — the highest since the 2023 US banking crisis.

Gold has also outperformed Bitcoin in 2025 so far, rising 23% year-to-date, while Bitcoin has dropped over 10%, according to TradingView data.

Bitcoin’s Maturity and Volatility Decline

Despite short-term underperformance, analysts point to Bitcoin’s declining volatility as a sign of its maturing asset status. Burnett argued that bear markets serve a critical function: transferring Bitcoin from weak hands to committed holders.

“The darkest bear phases redistribute coins to the strongest holders. That’s how long-term strength builds,” he said. This dynamic may set the stage for future rallies and prevent extreme drawdowns from destabilising the network.

Short-Term Uncertainty vs. Long-Term Vision

While analysts like Arthur Hayes predict Bitcoin could reach $250,000 by end-2025 if the US Federal Reserve resumes quantitative easing, short-term sentiment remains cautious.

According to Brickken analyst Enmanuel Cardozo, investors are rebalancing portfolios and avoiding large Bitcoin positions over the next 90 days, awaiting more clarity on trade negotiations.

With ETF outflows rising and investor interest shifting to safe assets like gold, Bitcoin’s near-term growth could stall. However, for long-term believers, these dips are seen as strategic entry points into a potentially multi-million-dollar asset.