Bitcoin could potentially reach the $1 million mark based on historical chart data from 2013 to 2017, according to analysis by Aurelion Ohayon, a former Mathematical Logic professor and creator of the XOR trading machine. Ohayon’s findings were shared by Thomas Fahrer, co-founder of crypto review resource Apollo.
Using the daily BTC/USD chart, Ohayon highlighted Bitcoin’s price action starting from October 2013 when the cryptocurrency was trading between $130 and $145. BTC initially hit an all-time high of $1,242 in November 2013 before experiencing a significant correction, dropping to a low of $162 in August 2015.
From this low point, Bitcoin began a steady climb, forming a parabolic curve characterized by accelerating price spikes. Despite minor pullbacks, BTC maintained an overall upward momentum, eventually reaching a new all-time high of $19,804 in late 2017, marking a 12,124% increase from its 2015 low.
Recent market data suggests that Bitcoin may be following a similar pattern to the 2013-2017 cycle. After dropping from an all-time high of $69,000 in November 2021 to a low of $15,473 in November 2022, BTC has since recovered and surpassed previous highs, entering price discovery territories.
Ohayon’s analysis indicates that if Bitcoin continues to mirror the previous parabolic curve, it could potentially surpass the $1 million mark in the current cycle. This would represent a 6,362% increase from the recent low of $15,473. Other industry experts, such as Cathie Wood’s Ark Invest and Twitter founder Jack Dorsey, have also predicted Bitcoin reaching $1 million in the future.
As of now, Bitcoin is trading at $71,239, showing a 0.64% increase over the last 24 hours. It is important to note that this information is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research before making any investment decisions.