Former chairman and co-founder of CoinRoutes and now president of BetterTrade.digital Dave Weisberger used a November 11 video to restate Bitcoin’s long-term bull case, arguing that the market’s “morose” sentiment and technician-driven requires draw back are lacking the structural shift underway on each fundamentals and market microstructure.
He framed his evaluation in two elements—why Bitcoin is being purchased and what the present market construction implies—contending that the thesis towards seven-figure pricing stays intact even with out an apparent near-term catalyst.
The Path To $1 Million Per Bitcoin
On fundamentals, he drew a direct comparability with gold’s financial function and measurement. Citing an above-ground market worth of “round $28 trillion” and “about $7 trillion in identified reserves under floor,” Weisberger argued that roughly 80% of gold’s worth is financial, not industrial, utilizing the platinum–gold value relationship as a proxy.
“Gold at this time trades at about two and a half instances platinum, which for many of my life was about double the worth of gold,” he mentioned, including that platinum is “30 instances rarer and extra valued by ladies in jewellery.” From that relative-value lens, he estimated gold’s “financial worth totally diluted round $28 trillion,” contrasting it with Bitcoin’s “totally diluted market cap […] simply over $2 trillion at at this time’s costs.”
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If Bitcoin equals or surpasses gold on financial traits, he argued, the hole implies transformative upside: “It might rise to equal gold. Besides it’s higher than gold on financial traits.” He emphasised Bitcoin’s native digital finality, resistance to counterfeiting, divisibility, transparency, and programmatic provide schedule—advantages that additionally keep away from gold’s custody, assay, and transport frictions.
Even in a state of affairs the place fiat “holds its worth,” he steered, community adoption alone might warrant a multi-fold repricing; in a debasement regime, he mentioned, the asymmetry is stronger: “Because the Bitcoin community grows and it positive aspects acceptance it’ll probably rise by 10 instances this or extra.” By way of X, he added “the Basic case” is $1 million in at this time’s {dollars}.
Weisberger revisited the “quickest horse” framing popularized within the early COVID-era liquidity surge. He pointed to Paul Tudor Jones’s thesis in “Might of 2020,” acknowledging he misspoke initially, and reminded viewers that the worth then “did nothing” for months earlier than a stepwise acceleration from October by way of the next euphoric leg increased. The lesson, in his view, is that market tone can lag fundamentals till positioning resets and liquidity management rotates again to Bitcoin. “Historical past doesn’t at all times repeat, however it might probably typically rhyme,” he mentioned.
On market construction, Weisberger took intention on the four-year halving cycle as a predictive template. Traditionally, he mentioned, cyclical habits adopted a sample—halving, a six-month interval of miner-incentive doubt, then a relief-to-euphoria rally that later bled into altcoin rotation earlier than a broad drawdown.
He argued that dynamic is shedding relevance as a result of provide adjustments are actually “irrelevant relative to the quantity of demand that’s occurring,” whereas community safety tendencies inform a special story: “For those who take a look at the Bitcoin hash price chart, it’s growing at a geometrical tempo.” The transferring elements he sees truly driving costs are the interplay of legacy provide and institutional demand. “It’s principally the OG sellers who’re promoting over 100,000 [BTC] and the brand new patrons, whether or not they’re in ETFs or in MicroStrategy, and many others.”
These early holders, in his telling, are rationally diversifying life-changing positive aspects fairly than capitulating, which suggests a finite overhang: “Entrepreneurs don’t typically promote all the things […] they promote some at a stage to get the place they must be after which […] promote at later costs.”
He underscored that spot ETF traders seem affected person regardless of latest volatility. “Even after all the carnage of the previous couple of weeks since October tenth, lower than 2% of the Bitcoin ETFs have outflown,” he mentioned, characterizing that cohort as long-horizon allocators “on the lookout for a 10x acquire,” not buying and selling round single-digit drawdowns.
He contrasted October’s deleveraging—“$20 billion was liquidated […] however solely 5 billion of the liquidation was in Bitcoin”—with the 2022 insolvency cascade: “This cycle doesn’t have a Celsius […] doesn’t have an FTX. The affect of the liquidations will not be going to be to trigger an insolvency occasion which causes pressured gross sales.”
With no credit-driven unwind, he argued, technical analogies to 2022 are misplaced: “If there’s no pressured gross sales, why can we count on a sale on the magnitude that occurred in 2022 […]? They’re attempting to impute one thing with out considering the precise circumstance.”
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Worth management, in his view, will return by way of “liquidity and gradual grinding progress” whereas “sizzling cash” recovers from leverage-driven losses. He expects the OG promoting to “abate,” as partial profit-taking runs its course, setting the stage for the following euphoric leg as soon as a catalyst emerges.
Weisberger didn’t fake to know which spark will ignite it—“I’m not a Nostradamus”—however listed believable vectors which might be in keeping with prior cycles: “The catalyst might be sovereign accumulation. The catalyst might be Bitcoin getting used as collateral […] It doesn’t actually matter what the catalyst is.”
The important thing threat for would-be sellers, he steered, is day out of the market throughout the inflection: “Except you’re very nimble, very fast, don’t have any tax penalties, and aren’t out of the market or on trip within the two or three days when euphoria first begins, then I might be very, very reticent to promote right here.”
My 2 half Bitcoin evaluation:
1) The Basic case for $1 Million Bitcoin in TODAYS greenback
2) Why the present gloom is unwarranted & now is a good time to build up Bitcoin for the lengthy haul
The Bull Case For Bitcoin 11 11 https://t.co/0ACKrn3bgQ by way of @YouTube
— Dave W (@daveweisberger1) November 12, 2025
He closed with a warning that acknowledges the market’s capability to frustrate each bulls and bears. “Perhaps euphoria will occur after it continues to tug on and fall for an additional few months, however sooner or later it can occur,” he mentioned. He disclosed his positioning—“I’ve not offered any sats, nor do I intend to”—and reiterated the self-discipline required in a uneven tape: “Keep secure on the market. This market does look fascinating and goes to probably keep that means for some time.”
At press time, BTC traded at $104,954.
Featured picture created with DALL.E, chart from TradingView.com
