Bitcoin’s potential to reach the $1 million price level has been highlighted in recent chart data, drawing comparisons to its price movements between 2013 and 2017. Aurelion Ohayon, a former Mathematical Logic professor and creator of the XOR trading machine, shared this analysis of Bitcoin’s price trends, which was further discussed by Thomas Fahrer, co-founder of crypto review resource Apollo.
Using the daily BTC/USD chart, Ohayon made bold projections based on sustained optimism. He examined BTC’s price action starting from October 2013 when the cryptocurrency traded between $130 and $145. During this period, Bitcoin first surged to an all-time high of $1,242 in November 2013 before undergoing a significant correction. This correction led to a low of $162 in August 2015, marking a two-year low and signaling the bottom of the cycle.
Following this low point, Bitcoin began to establish higher lows, forming a parabolic curve. This pattern, characterized by a rapid acceleration in price, culminated in a new all-time high of $19,804 in late 2017, representing a remarkable 12,124% increase from the August 2015 low.
Recent market data suggests that Bitcoin may be in the process of repeating this price action pattern. After experiencing a drop from its previous all-time high of $69,000 in November 2021, BTC hit a low of $15,473 in November 2022 amid concerns surrounding Terra and FTX. However, a subsequent recovery in Bitcoin’s price has fueled optimism in the market, leading to new all-time highs and price discovery phases.
Drawing parallels to the price action observed from 2013 to 2017, Ohayon’s chart indicates that Bitcoin’s current parabolic curve could push past the $1 million mark. Achieving this milestone would represent a 6,362% increase from the cycle’s recent low of $15,473. While this rate of increase is lower than the previous cycle, industry experts like Cathie Wood’s Ark Invest and Twitter founder Jack Dorsey have also expressed confidence in Bitcoin’s potential to reach $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’s important to note that the information presented in this article is for informational purposes only and should not be construed as financial advice. Readers are advised to conduct their own research before making any investment decisions.