Bitcoin [BTC] The stock market has experienced a major comeback and is now trading above $70,000. The recent rise in the stock market has rekindled optimism that previous records will be surpassed.
This current trend is more promising and robust than previous ones a few month ago. It indicates a strong bullish market sentiment.
Analysts Predict $1 Million in Bitcoin
![Bitcoin](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/Why-Is-Bitcoin-Up-Today.jpg)
Aurelion ohayon, a professor of Mathematical Logic who created the XOR trading system, presented an analysis which suggested that Bitcoin might reach $1 million. Thomas Fahrer is the cofounder of Apollo Crypto Review. He shared his analysis to back up this bold forecast.
This analysis uses the BTC/USD Daily Chart to compare Bitcoin’s movements in price from 2013-2017 with its current trajectory. Bitcoin’s October 2013 price fluctuated between $130 to $145.
In November 2015, after an important market correction, Bitcoin had soared to its new high of $1242, but then plunged sharply in August to a minimum of $162. It was at this $162 level that the market began to rise, resulting in a surge of Bitcoin’s value, which soared up to $19 804. It was an impressive increase of 12 percent since its low in 2015.
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Also Read: Robert Kiyosaki Predicts Bitcoin To Hit $350,000: Here’s When
Bullish Outlook is Supported By Current Momentum
The historical patterns show that Bitcoin can grow dramatically after major corrections. Ohayon’s research suggests that Bitcoin can reach the $1,000,000 price goal if its current path continues. BTC’s current price of $71,329 is a reflection of a steady uptrend. The price of BTC is increasing steadily.
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/How-Can-Bitcoin-BTC-Claim-the-1-Million-Mark.jpeg)
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/How-Can-Bitcoin-BTC-Claim-the-1-Million-Mark.jpeg)
Ohayon isn’t alone in his optimistic outlook. Cathie wood’s ARK Invest reported in 2022 that Bitcoin would reach $1 million by 2030. Twitter’s Jack Dorsey made a recent prediction that was similar. To reach the $1,000,000 mark, however, there will be significant volatility.
Also Read: Bitcoin To Hit $100K Before US Elections: Standard Chartered
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Source: watcher.guru