Bitcoin chart data suggests that the cryptocurrency has the potential to reach a price of $1 million if it follows a similar pattern to what was observed between 2013 and 2017.
Aurelion Ohayon, a former Mathematical Logic professor and the creator of the XOR trading machine, shared this chart data as part of his analysis of Bitcoin’s price movements. Thomas Fahrer, co-founder of the crypto review resource Apollo, further disseminated this analysis on X.
Using the daily BTC/USD chart, Ohayon made bold projections based on sustained optimism. He highlighted Bitcoin’s price action starting from October 2013, when the cryptocurrency was trading between $130 and $145.
In 2013, BTC surged to a new all-time high of $1,242 before experiencing a significant correction. The market was then dominated by bears, leading to a sharp retracement that saw Bitcoin’s price hit a low of $162 in August 2015. This marked a two-year low for Bitcoin and represented the bottom of the cycle.
Bitcoin then began to establish higher lows, forming a parabolic curve. This pattern occurs when a cryptocurrency’s price accelerates rapidly, resembling the shape of a parabola.
Despite some minor pullbacks, Bitcoin’s momentum remained mostly upward, culminating in a new all-time high of $19,804 in late 2017. This represented a staggering 12,124% rally from the low of $162 in August 2015 to the peak in December 2017.
Recent market data suggests that Bitcoin may be poised to repeat this price action. The current cycle began in November 2021 when BTC dropped from its previous all-time high of $69,000 to a low of $15,473 in November 2022. However, Bitcoin has since recovered and led the rest of the crypto market higher.
Looking at the bigger picture, Bitcoin has broken past its previous all-time high from November 2021 and entered price discovery zones, forming a parabolic curve similar to what was observed from 2013 to 2017.
Ohayon’s chart indicates that the peak of the current parabolic curve could surpass $1 million. This would represent a 6,362% increase from the cycle’s low of $15,473 in November 2022, which is half the percentage increase seen from 2013 to 2017.
Other industry experts, such as Cathie Wood’s Ark Invest and Twitter founder Jack Dorsey, have also projected Bitcoin to reach $1 million. Currently, Bitcoin is trading at $71,239, showing a 0.64% increase over the last 24 hours.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect The Crypto Basic’s views. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.