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Analyst predicts Bitcoin to reach $1 million

Analyst predicts Bitcoin to reach $1 million

Bitcoin [BTC] has made a significant comeback, climbing above the $70,000 mark. This notable increase sparked optimism about surpassing the previous record high.

The current uptrend looks stronger and more promising than previous attempts a few months ago, indicating strong bullish sentiment in the market.

Analyst predicts Bitcoin to reach $1 million

Aurelion Ohhayon, former professor of Mathematical Logic and creator of the XOR trading machine, has produced an analysis that shows Bitcoin is likely to reach the $1 million milestone. This analysis shared by Thomas Fahrer, co-founder of crypto review resource Apollo, leverages historical price patterns to support this bold prediction.

The analysis, based on the daily chart of BTC/USD, offers a comparison between Bitcoin’s price movement from 2013 to 2017 and its current trajectory. In October 2013, Bitcoin price fluctuated between $130 and $145.

By November of the same year, it had risen to a new all-time high of $1,242, only to plummet to a low of $162 in August 2015 after a significant market correction. This low of $162 marked an important turning point, initiating an uptrend that pushed Bitcoin to a staggering $19,804 in December 2017. This was a notable 12.% increase from the 2015 low. .

Current momentum supports a bullish outlook

This historical pattern highlights Bitcoin’s strong growth potential after major corrections. Ohhayon’s analysis shows that if Bitcoin continues to follow a similar path, the $1 million price target is within reach. The current BTC price of $71,329 reflects a steady upward momentum. It reinforces a positive outlook for future benefits.

Ohhayon’s optimistic forecast is not the only one. A 2022 report by ARK Invest by Cathie Wood predicted that Bitcoin could reach $1 million by 2030. Additionally, Twitter founder Jack Dorsey recently made a similar prediction. However, reaching the $1 million mark is likely to cause significant volatility.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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