Crypto asset manager Bitwise has raised its price target on Bitcoin (CRYPTO: $BTC) to $1.6 million U.S. by 2036.

The new price target is up from $1.3 million U.S. previously. Bitwise projects that Bitcoin will generate a 34% compound annual growth rate (CAGR) over the next 10 years.

Bitwise’s new forecast is included in its 2027 “Bitcoin Long-Term Capital Market Assumptions” report that was released on Oct. 28.

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Bitwise Chief Investment Officer Matt Hougan notes in the report that 20.1 million Bitcoin, or 95.7% of its maximum supply of 21 million, is already in circulation.

For its $1.6…