High Treasury Yields Dampen Bitcoin's $1M Price Forecasts

The high yields on long-term U.S. Treasuries are casting a shadow over Bitcoin's price forecasts of $1 million or more, according to recent analysis.

The high yields make non-yielding assets like Bitcoin less attractive, and the data shows that Bitcoin's price adjusted for the 30-year Treasury yield has fallen short of previous highs, breaking a bullish pattern.

The BTC-to-30-year Treasury yield ratio has completed a bearish head-and-shoulders pattern, suggesting further downside against the cost of capital. For Bitcoin to reach seven-figure prices, interest rates would need to drop to supportive levels seen in 2020-21, which currently seems unlikely.