Serial Entrepreneur Andrew Parish Sees Bitcoin Rally Beyond $500K in 3 Years

Key Points

• Andrew Parish predicts Bitcoin could hit $500,000 within three years, citing extreme retail pessimism as a buying opportunity.
• Veteran investor Ric Edelman notes that even a 1% allocation of global wealth (~$7.5 trillion) to Bitcoin could support prices near $500,000 over time.
• Bloomberg strategist Mike McGlone predicts Bitcoin could plunge to $10,000.
• Bitcoin trades near $68,136, following a 30% drop in the past month amid broader crypto market losses.

Bullish Outlook: Bitcoin to $500,000 by 2029

Amid the recent pullback, Andrew Parish, a serial entrepreneur and outspoken Bitcoin advocate, argues that the weakness represents opportunity rather than risk. Writing on X, Parish said prices below $70,000 are a strategic entry point. In fact, he predicted Bitcoin would exceed $500,000 within three years.

To reach that level from current prices, Bitcoin would need to rise roughly 634%. That implies an annualized return of about 95.5% over the period.

Parish’s outlook rests largely on sentiment indicators. Specifically, he contends that retail investors have turned excessively pessimistic. 

As evidence, he cited the Fear and Greed Index, which fell to 5 on February 6 — its lowest reading since inception. Notably, on that same day, Bitcoin traded near $60,000, marking its weakest point in the current correction.

The broader backdrop reinforces his contrarian stance. Over the past month, Bitcoin has declined nearly 30%, while the broader cryptocurrency market has shed approximately $2 trillion in value.

Meanwhile, according to DefiLlama, $678 million flowed out of Bitcoin exchange-traded funds in February alone, thereby extending total ETF outflows to roughly $6 billion since November.

Parish believes such selling pressure could create an opportunity for institutional investors. He specifically referenced BlackRock, arguing that large asset managers often accumulate assets when retail sentiment deteriorates. In his view, this counter-cyclical buying could lay the foundation for the next major rally.

Institutional Allocation Thesis Gains Momentum

Parish’s optimism is echoed by veteran investor Ric Edelman, who has also outlined a path toward $500,000 per Bitcoin — albeit on a slightly longer timeline. Edelman projects the cryptocurrency could reach that level by 2030, primarily driven by gradual portfolio allocation across global markets.

His thesis centers on expanding participation. Edelman argues that the vast majority of global investors still lack exposure to Bitcoin. As the asset class matures, he expects allocations from governments, pension funds, sovereign wealth funds, hedge funds, insurers, banks, and brokerages.

To illustrate the scale of potential inflows, Edelman points to the size of global wealth. He estimates that stocks, bonds, real estate, gold, and cash collectively total about $750 trillion. Real estate alone is approximately three times the size of the stock market, while global cash holdings total about $56 trillion.

From this perspective, even a modest reallocation could have a significant impact. For instance, if diversified portfolios were to allocate just 1% to Bitcoin, inflows could reach around $7.5 trillion. When combined with Bitcoin’s existing market value, Edelman argues such demand could support prices approaching $500,000.

Bearish Warning: Risk of a Steeper Decline

However, not all analysts share this optimistic view. Offering a stark counterpoint, Mike McGlone, a macro strategist at Bloomberg Intelligence, has warned that the crypto market may face deeper losses.

Specifically, in a post on X, he wrote that the market bubble is deflating and suggested Bitcoin could drop another 85%, potentially falling to $10,000.

McGlone questions whether the long-standing “buy the dip” strategy remains effective in today’s environment. He contends that the broader investment landscape has shifted, with strong equity performance and subdued volatility drawing capital away from crypto markets. He also pointed to weakening confidence in U.S. President Donald Trump’s crypto-friendly messaging as a potential headwind.

Additionally, McGlone highlighted aggressive profit-taking in gold and silver markets, noting that the pace resembles activity last seen roughly half a century ago. In his assessment, these signals collectively suggest sustained pressure on risk assets — including Bitcoin.

Taken together, the market now stands between two sharply divided outlooks. While some investors see a historic opportunity in negative sentiment, others interpret current conditions as a warning of further downside. Ultimately, as volatility persists, Bitcoin’s next move will likely determine which narrative prevails.