Bitcoin [BTC] has made a significant comeback, climbing above the $70,000 mark. This notable rise rekindles optimism for surpassing previous record highs.
The current upward trend appears more robust and promising compared to previous attempts a few months ago, indicating strong bullish sentiment in the market.
Analyst Predicts $1 Million of Bitcoin
Aurelion Ohayon, a former professor of Mathematical Logic and the creator of the XOR trading machine, has put forward an analysis suggesting that Bitcoin could potentially reach the $1 million milestone. This analysis, shared by Thomas Fahrer, co-founder of the crypto review resource Apollo, leverages historical price patterns to support this bold prediction.
The analysis, based on the BTC/USD daily chart, draws comparisons between Bitcoin’s price movements from 2013 to 2017 and its current trajectory. In October 2013, Bitcoin’s price ranged between $130 and $145.
By November of the same year, it had surged to a new all-time high of $1,242, only to drop sharply to a low of $162 in August 2015 after a significant market correction. This $162 low marked a critical turning point, initiating an upward trend that propelled Bitcoin to a staggering $19,804 by December 2017. This was a remarkable increase of 12, percent from its 2015 low.
Also Read: Robert Kiyosaki Predicts Bitcoin To Hit $350,000: Here’s When
Current Momentum Supports Bullish Outlook
This historical pattern underscores Bitcoin’s potential for dramatic growth following major corrections. Ohayon’s analysis suggests that if Bitcoin continues on a similar path, the $1 million price target is within reach. The current BTC price of $71,329 reflects steady upward momentum. It reinforces a positive outlook for future gains.
Ohayon’s optimistic forecast is not an isolated one. A 2022 report by Cathie Wood’s ARK Invest projected that Bitcoin could hit $1 million by 2030. Additionally, Twitter founder Jack Dorsey has recently voiced a similar prediction. However, reaching the $1 million mark is likely to involve significant volatility.
Also Read: Bitcoin To Hit $100K Before US Elections: Standard Chartered