Bitcoin Price Could Hit $1 Million on February 1st 2028, New Model Suggests
November 20, 2019 @ 08:40 UTC
Plenty of analysts have predicted a million-dollar bitcoin. But few have targeted such a specific date. By analyzing historical bitcoin price action, however, it’s estimated that BTC could hit $1 million on precisely February 1st, 2028.
The million-dollar target has been extrapolated from Timothy Peterson’s ‘Never Look Back’ analysis. Peterson explains that bitcoin maintains an ever-growing ‘Never Look Back’ price. In other words, a price floor that is never breached as adoption grows. You can visualise it best in the chart below.
Peterson said: 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.
Craig Hammell, a software engineer at Coinbase, has since extrapolated the historical data to form a rough estimate of future price. The analysis includes a maximum price, minimum price, and median expected price. Bitcoin’s expected price in 2028 is $1 million and maximum price is even higher, based on extrapolating historical data from the ‘Never Look Back’ chart. Based on the model, bitcoin’s expected price on February 1st 2028 is $1 million. The maximum price on that date is almost $1.5 million.