Chart data indicates Bitcoin (BTC) has the potential to spike to the $1 million price level if it mirrors the pattern it recorded between 2013 and 2017.
Aurelion Ohayon, a former Mathematical Logic professor and the creator of the XOR trading machine, presented this chart data in one of his analyses of Bitcoin’s price movements. The analysis was further shared on X by Thomas Fahrer, co-founder of crypto review resource Apollo.
Who needs to see this? #Bitcoin pic.twitter.com/qBByIdhLKe
— Thomas | heyapollo.com (@thomas_fahrer) June 6, 2024
Ohayon leveraged the daily BTC/USD chart to make his ambitious projections amid sustained optimism. In one chart, he highlighted BTC’s price action from October 2013, when the premier cryptocurrency changed hands between $130 and $145.
Bitcoin Price Action from 2013 to 2017
BTC first spiked to a new all-time high of $1,242 in November 2013 before experiencing a massive correction. As the bears reclaimed control of the market, Bitcoin’s retracement was sharp, leading to a floor price of $162 in August 2015. The $162 price marked a two-year low price for Bitcoin and represented its bottom for the cycle.
From this level, BTC started recording higher lows, essentially forming a parabolic curve. Such a pattern occurs when a crypto asset’s price spikes at an accelerating rate, resembling the shape of a parabola.
Although Bitcoin witnessed minor pullbacks during this journey, its momentum was generally upward, with the curve extending to the new all-time high of $19,804 in late 2017. Essentially, Bitcoin rallied 12,124% from the $162 low in August 2015 to the $19,804 peak in December 2017.
A Possible Repetition
Market data suggests the firstborn crypto is now looking to repeat this price action. This cycle’s pattern began in November 2021, when BTC collapsed from the previous ATH of $69,000. It dropped to a floor price of $15,473 in November 2022 amid investor angst from the Terra and FTX implosions. However, after this low, BTC staged a recovery, taking the rest of The crypto market with it.
This recovery has extended to the current period, when viewed from a larger perspective. Bitcoin has since breached the November 2021 all-time high, sliding into price discovery territories. This is similar to the price action observed from 2013 to 2017, equally forming a parabolic curve on the daily chart.
While the peak of the previous parabolic curve was $69,000, Ohayon’s chart suggests the peak of the current parabolic curve would push past the $1 million mark. Hitting $1 million would mark a 6,362% increase from this cycle’s low of $15,473 attained in November 2022. This rate of increase is half the figure witnessed from 2013 to 2017.
Ohayon is not the only industry pundit expecting Bitcoin to reach $1 million. In January 2022, a report from Cathie Wood’s Ark Invest predicted that BTC is capable of spiking to $1 million, but in 2030. Also, last month, Twitter founder Jack Dorsey also projected Bitcoin to hit $1 million. Meanwhile, BTC currently trades for $71,239, up 0.64% over the last 24 hours.
