New Analysis Predicts Bitcoin Could Reach $1 Million Price Level
According to recent chart data, Bitcoin (BTC) has the potential to skyrocket to $1 million if it follows a similar pattern seen between 2013 and 2017. The analysis, presented by Aurelion Ohayon, a former Mathematical Logic professor and creator of the XOR trading machine, was shared on X by Thomas Fahrer, co-founder of crypto review site Apollo.
Ohayon analyzed the daily BTC/USD chart with optimism, highlighting Bitcoin’s price action starting from October 2013 when the cryptocurrency was trading between $130 and $145. BTC saw a significant increase to a new all-time high of $1,242 in November 2013 before a sharp correction led to a floor price of $162 in August 2015.
After hitting this low, Bitcoin began showing higher lows, forming a parabolic curve, which indicates a rapid increase in price. Despite some minor pullbacks, Bitcoin’s momentum remained largely upward, reaching a new all-time high of $19,804 in late 2017, a 12,124% increase from the low of $162 in August 2015.
Recent Market Movements
Recent market data suggests that Bitcoin is on track to repeat this price action pattern. The 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 following events like the Terra and FTX implosions. However, Bitcoin has since recovered and breached the previous all-time high, entering price discovery territories and forming a parabolic curve on the daily chart.
Ohayon’s analysis indicates that if this pattern continues, Bitcoin could surpass the $1 million mark, marking a 6,362% increase from the recent low of $15,473. This growth rate is half of what was seen from 2013 to 2017.
Other industry experts, including Cathie Wood’s Ark Invest and Twitter founder Jack Dorsey, have also projected Bitcoin to reach $1 million. Currently, BTC is trading at $71,239, up 0.64% in the last 24 hours.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed are solely the author’s and readers are advised to conduct their own research before making investment decisions. The Crypto Basic is not liable for any financial losses incurred.