Bitcoin (BTC) chart data suggests the possibility of reaching a staggering $1 million price level if it follows a similar pattern seen between 2013 and 2017. Aurelion Ohayon, a former Mathematical Logic professor and the brains behind the XOR trading machine, unveiled this data during an analysis of Bitcoin’s price trends. The findings were later shared on X by Thomas Fahrer, co-founder of the crypto review platform Apollo.
Ohayon based his bold projections on the daily BTC/USD chart, showcasing Bitcoin’s price movements starting from October 2013 when the cryptocurrency was trading between $130 and $145.
The journey of Bitcoin’s price from 2013 to 2017 was quite eventful. After hitting a new all-time high of $1,242 in November 2013, Bitcoin faced a significant correction, leading to a low of $162 in August 2015. This marked a two-year low and served as a bottom for that particular cycle. From this point onwards, Bitcoin began a steady climb, forming a parabolic curve characterized by accelerating price spikes.
Despite some minor setbacks, Bitcoin’s momentum was largely positive, culminating in a new all-time high of $19,804 in late 2017. This represented an impressive 12,124% increase from the low of $162 in August 2015.
Fast forward to the present, market data suggests that Bitcoin is on track to repeat this price action. The current cycle began in November 2021 when Bitcoin plummeted from its previous all-time high of $69,000 to a low of $15,473 in November 2022 following the Terra and FTX incidents. However, Bitcoin quickly recovered, pulling the rest of the crypto market along with it.
The ongoing recovery has now pushed Bitcoin past the previous all-time high, entering uncharted price territories. This mirrors the pattern observed from 2013 to 2017, with a parabolic curve forming on the daily chart.
While the peak of the previous parabolic curve was $69,000, Ohayon’s analysis suggests that the current curve could push Bitcoin’s price beyond $1 million. This would represent a remarkable 6,362% increase from the cycle’s low of $15,473 in November 2022, which is half the percentage increase seen in the 2013-2017 cycle.
Ohayon is not alone in his bullish outlook for Bitcoin. Ark Invest, led by Cathie Wood, predicted in January 2022 that Bitcoin could hit $1 million by 2030. Twitter founder Jack Dorsey also echoed similar sentiments recently. As of now, Bitcoin is trading at $71,239, showing a 0.64% increase in the last 24 hours.
Please note that this article is for informational purposes only and should not be construed as financial advice. It is essential to conduct thorough research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.