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 components—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 position and measurement. Citing an above-ground market worth of “round $28 trillion” and “about $7 trillion in recognized reserves beneath floor,” Weisberger argued that roughly 80% of gold’s worth is financial, not industrial, utilizing the platinum–gold value relationship as a proxy.
“Gold right this moment trades at about two and a half instances platinum, which for many of my life was about double the worth of gold,” he stated, 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 right this moment’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 situation the place fiat “holds its worth,” he prompt, community adoption alone might warrant a multi-fold repricing; in a debasement regime, he stated, the asymmetry is stronger: “Because the Bitcoin community grows and it positive factors acceptance it’ll possible rise by 10 instances this or extra.” Through X, he added “the Basic case” is $1 million in right this moment’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 “Could 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 means of the following 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 all the time repeat, however it will possibly generally rhyme,” he stated.
On market construction, Weisberger took purpose on the four-year halving cycle as a predictive template. Traditionally, he stated, cyclical conduct 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 dropping relevance as a result of provide adjustments at the moment are “irrelevant relative to the quantity of demand that’s happening,” whereas community safety developments inform a unique story: “For those who have a look at the Bitcoin hash fee chart, it’s rising at a geometrical tempo.” The shifting components he sees really 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 so forth.”
These early holders, in his telling, are rationally diversifying life-changing positive factors relatively than capitulating, which suggests a finite overhang: “Entrepreneurs don’t usually promote all the pieces […] they promote some at a degree 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 10th, lower than 2% of the Bitcoin ETFs have outflown,” he stated, characterizing that cohort as long-horizon allocators “searching for a 10x achieve,” 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 influence of the liquidations shouldn’t be going to be to trigger an insolvency occasion which causes pressured gross sales.”
With out a 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 making an attempt to impute one thing with out taking into consideration the precise circumstance.”
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Value management, in his view, will return by means 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 subsequent euphoric leg as soon as a catalyst emerges.
Weisberger didn’t faux to know which spark will ignite it—“I’m not a Nostradamus”—however listed believable vectors which are in step 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 danger for would-be sellers, he prompt, is trip of the market in the course of 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’d 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. “Possibly euphoria will occur after it continues to pull on and fall for one more few months, however sooner or later it’s going to occur,” he stated. He disclosed his positioning—“I’ve not bought any sats, nor do I intend to”—and reiterated the self-discipline required in a uneven tape: “Keep protected on the market. This market does look fascinating and goes to possible keep that approach for some time.”
At press time, BTC traded at $104,954.
Featured picture created with DALL.E, chart from TradingView.com
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