Industry Expert Suggests Bitcoin Could Hit $1 Million If It Reflects 2013-2017 Pattern

The chart data indicates that Bitcoin (BTC) has the potential to reach the $1 million price level if it reflects the pattern recorded between 2013 and 2017.

Aurelion Ohayon, former professor of mathematical logic and creator of the XOR trading machine, presented the data from this chart in one of his analyzes of Bitcoin price movements. The analysis was shared on X by Thomas Fahrer, co-founder of crypto review resource Apollo.

Ohayon took advantage of the BTC/USD daily chart to make his ambitious projections amid sustained optimism. In a graph, he highlighted BTC price action since October 2013, when the leading cryptocurrency changed hands between $130 and $145.

Bitcoin Price Action from 2013 to 2017

BTC first reached a new all-time high of $1,242 in November 2013 before suffering a massive correction. As bears regained control of the market, Bitcoin’s pullback was sharp, leading to a price low of $162 in August 2015. The price of $162 marked the lowest price in two years for Bitcoin and represented the lowest point of the cycle.

From this level, BTC began recording higher lows, essentially forming a parabolic curve. This pattern occurs when the price of a cryptographic asset increases at an accelerated rate, resembling the shape of a parabola.

Although Bitcoin witnessed small 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 is up 12,124% since the low of $162 in August 2015 to a peak of $19,804 in December 2017.

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A possible repeat

Market data suggests that the crypto first-born is now looking to repeat this price action. This cycle’s pattern began in November 2021 when BTC fell from its previous ATH of $69,000. It fell to a low price of $15,473 in November 2021 amid investor distress over 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 into the current period, when viewed from a broader perspective. Since then, Bitcoin has surpassed the November 2021 all-time high, sliding into price discovery territories. This is similar to the price action observed from 2013 to 2017, also forming a parabolic curve on the daily chart.

While the previous parabolic curve peaked at $69,000, Ohayon’s chart suggests that the current parabolic curve peak would surpass the $1 million mark. Reaching $1 million would represent a 6,362% increase over this cycle’s minimum of $15,473 reached in November 2022. This rate of increase is half the amount witnessed from 2013 to 2017.

Ohayon is not the only industry expert who expects Bitcoin to reach $1 million. In January 2022, a report Cathie Wood’s Ark Invest predicted that BTC is capable of reaching $1 million, but by 2030. Additionally, last month, Twitter founder Jack Dorsey also designed Bitcoin will reach $1 million. Meanwhile, BTC currently trades for $71,239, up 0.64% in the last 24 hours.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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