I think the question should be, if it is possible to reach $1Mio.
Theoretically yes... but especially Bitcoin depend on supply and demand.

Supply:
A max of 21Mio Bitcoin allow to raise the price to $1Mio and more.

Demand:
In my case, the demand will be a result from:

• What can I do with Bitcoin? Possibilites to pay something, etc
• What´s about taxes in different countries?
• Is it easy to transfer coins? (without current scaling problems)
• Is someone else prepared to pay $1Mio for 1 Bitcoin
• ...

In my opinion it´s a long long way to reach numbers like this.