Will Bitcoin Surpass $500,000 in 2029? An Entrepreneur Makes a Bold Prediction

Bitcoin once again faces the risk of breaking support levels, trading below the critical $68,000 mark after a sharp volatility that caused the price to drop approximately 28% in one month. The price is fluctuating strongly, and this volatility has pushed both expert discussions and reckless predictions into the same moment.
Experts Offer Completely Different Directions
According to some investors, a significant buying opportunity is emerging. Andrew Parish, a successful entrepreneur and a passionate Bitcoin supporter, argues that market psychology is very important — when retail traders become pessimistic, large buyers can intervene and push the market up quickly.
He sets a bold target: $500,000 within a few years if capital flow and market sentiment change. Ric Edelman, a veteran investor, also has a similar figure but with a longer timeframe; his calculations are based on the assumption that most assets will gradually shift a small portion into cryptocurrencies over time. Both perspectives depend on stable capital flows and more investors holding small positions in cryptocurrencies.

A Bearish Scenario Causing Deep Damage
On the other hand, the warning is very clear. Bloomberg macro strategist Mike McGlone has painted a much gloomier picture, suggesting that an 85% decline is entirely possible and that the $10,000 level should not be underestimated.
He points out that a stronger stock market, less market volatility, and the weakening of political signals related to U.S. President Donald Trump are reasons why capital might avoid risky investments. The market could be heavily affected by major shifts in investment trends, and such times can quickly diminish optimism.

Emotions and Psychology Are Very Important
Reports show that ETFs have recently experienced significant withdrawals. On-chain data indicates hundreds of millions of dollars have flowed out in a short period. A fear and greed index has dropped to very low levels, signaling panic among retail traders.
These two factors together help explain why prices have dropped so sharply; when many try to exit, prices can fall faster than expected. However, outflows can also pave the way for other buyers to enter later.

Behavior of Institutions and Sky-High Price Targets
Meanwhile, the behavior of institutions will be a key variable. Large managers may buy when retail investors are worried, and some market observers point out that companies with dedicated cryptocurrency divisions could serve as demand anchors.
Despite the uncertainty, the $500,000 mark remains attractive to optimistic investors. Parish’s call is impressive because it links psychological volatility with potential market movements, while Edelman’s forecast emphasizes that even modest investments from global assets could push Bitcoin’s price higher over time.