Coutts Cautions Against $1 Million Bitcoin Target: A More Realistic Scenario Unfolds

Bitcoin's current bear market may be nearing its end, according to Real Vision Chief Crypto Analyst Jamie Coutts. The Bitcoin price has fallen approximately 50 percent below its all-time high of $126,100 recorded in October 2025.

Coutts notes that the decrease in volatility suggests this bear market may not be as severe as past ones. However, he cautions against assuming the market will repeat past cycles exactly, as all trend indicators are still significantly bearish.

Bullish divergences are beginning to appear in long-term momentum indicators, indicating a slowdown in negative momentum. Nevertheless, Coutts emphasizes that this does not necessarily mean Bitcoin has technically exited a bear market.

Tightening global liquidity conditions and deterioration in on-chain demand played significant roles in Bitcoin's previous decline, and these factors need to improve for a sustainable recovery.

Coutts is skeptical of expectations that Bitcoin will reach $1 million by 2030. Instead, he considers a rise in the price to the $200,000 to $250,000 range within the next two to three years a more realistic scenario.