- It’s estimated that BTC could hit $1 million on precisely February 1st, 2028.
- The million-dollar target comes from Timothy Peterson’s ‘Never Look Back’ analysis.
There have been multiple analysts that have predicted bitcoin to reach a million dollars. However, a few have gone a far as to predict a specific date.
By looking into the history books, we can see the bitcoin price action over the years and how it’s changed over time. It’s estimated that BTC could hit $1 million on precisely February 1st, 2028.
The million-dollar target comes from Timothy Peterson’s ‘Never Look Back’ analysis.
He explains that bitcoin is keeping up its ever-growing ‘Never Look Back’ price. So in laymen terms, this is a price floor that is never crossed as adoption increases.
$1 million bitcoin
When the ‘Never Look Back’ price was plotted on a logarithmic scale, a strong trend emerged over bitcoin’s decade-long history. Specifically, if we take it back to high school, the chart shows a long line of positive correlation.
“Bitcoin has a relatively unnoticed and — for most — unknown characteristic. I call it the “Never Look Back Price.” The NLB price is the last time bitcoin was at a particular price level. Once it reached that price, it only proceeded up, it never retraced to that value again.”
Peterson’s ‘never look back’ price represents the primary adoption of bitcoin. It represents the “hodlers of last resort.”
People have got on the bitcoin bandwagon and hold it for the significant long term. This is why it won’t drop back below a specific level.
“This group’s behavior is not just long-term focused, it is infinite-term focused. These people are the bitcoin adopters. This group provides a floor value for bitcoin’s price.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Adrian Barkley , 2019-11-20 12:30:00 ,