Bitcoin remains on track to surpass $1.8 million by 2035 despite recent price corrections and waning investor appetite caused by ongoing global trade tensions, according to Joe Burnett, director of market research at Unchained.
Speaking during Cointelegraph’s Chainreaction live show on X, Burnett said that Bitcoin is still in a long-term bullish cycle and could potentially rival or surpass gold’s $21 trillion market capitalization within the next decade.
Despite tariff uncertainty limiting risk appetite among investors, research analysts remain optimistic about Bitcoin’s (BTC) long-term prospects for the next decade.
“When I think about where Bitcoin will be in 10 years, there are two models I admire,” Burnett said. “One is the parallel model, which suggests that Bitcoin will be about $1.8 million in 2035.” “The other is Michael Saylor’s Bitcoin 24 model, which suggests Bitcoin will be $2.1 million by 2035.”
Burnett emphasized that both are “good base cases,” adding that Bitcoin’s trajectory could exceed these predictions depending on broader macroeconomic factors.
🎙Could Bitcoin really hit $10m by Q1 2035? Perhaps.
But first, we need to unravel the tangled web of the markets this week, and for both discussions, @rkbaggs and @gazza_jenks are joined today by Joe Burnett (@IIICapital) on the #CHAINREACTION show! https://t.co/hfyEwGUCsh
— Cointelegraph (@Cointelegraph) April 11, 2025
Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes
Bitcoin outlook remains long-term bullish
“The automobile industry is significantly more valuable than the horse and buggy industry,” Burnett said, adding that Bitcoin’s more advanced technological properties will make it surpass the $21 trillion market capitalization of gold. He added:
“The gold market is an estimated $21 trillion market. If Bitcoin just hit $21 trillion and had Bitcoin-gold parity, Bitcoin would be $1 million per coin today.”
Since US President Donald Trump’s Jan. 20 inauguration, global markets have been under pressure due to heightened trade war fears. Hours after taking office, Trump threatened to impose sweeping import tariffs aimed at reducing the country’s trade deficit, weighing on risk sentiment across both equities and crypto.
While Bitcoin’s role as a safe-haven asset may reemerge amid ongoing trade war concerns, physical gold and tokenized gold remain the current winners.
Top tokenized gold assets, trading volume. Source: CoinGecko, Cex.io
Tariff fears led tokenized gold trading volume to surge to a two-year high this week, topping $1 billion for the first time since the US banking crisis in 2023, Cointelegraph reported on April 10.
Related: Bitcoin’s 24/7 liquidity: Double-edged sword during global market turmoil
Strong hands hold during drawdowns
Bitcoin’s volatility is falling during both bear and bull markets, signaling its growing maturity as an asset class.
While another 80% drawdown during future bear markets is still possible, this will act as a robust acquisition period for the “strongest” holders, Burnett said, adding:
“The highs bring [Bitcoin] attention, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders, as fast as possible.”
Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, predicted Bitcoin could climb to $250,000 by the end of 2025 if the US Federal Reserve formally enters a quantitative easing cycle.
Despite the optimistic predictions, investors remain cautious and continue “rebalancing their portfolios” but are unlikely to take on significant positions in the next 90 days before markets gain more clarity on global tariff negotiations, Enmanuel Cardozo, market analyst at real-world asset tokenization platform Brickken, told Cointelegraph.
“With money flowing out of Bitcoin ETFs, investors are looking for safer spots to hold their cash right now, including strong currencies. Gold’s a traditional vehicle in these cases and a go-to when markets are uncertain,” he added.
BTC, gold, year-to-date chart. Source: Cointelegraph/TradingView
Since the beginning of 2025, the price of gold has risen over 23%, outperforming Bitcoin, which has fallen by more than 10% year-to-date, TradingView data shows.
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