If we are to believe popular analyst TechDev, the Bitcoin price could reach $1 million per coin by 2027. According to TechDev, Bitcoin’s chart currently mirrors the Japanese stock market index.
Bitcoin versus de Nikkei 225
The pseudonymous analyst shares a chart in which we see the development of the Bitcoin price next to that of the Nikkei 225, an index that tracks the 225 largest companies in Japan.
TechDev is certainly very excited about this comparison. “I haven’t seen much of anything comparable. Logarithmic growth cycles existed before Bitcoin. Different assets. Different decades. But the same beasts.
Without looking at the time or price, most people would think that the first half of the Nikkei chart is Bitcoin. You would think that the Nikkei must have had a halving every 10 years.
Bitcoin’s latest leg shows more volatility, but the trend doesn’t care much about that,” TechDev said.
Based on his charts, TechDev suggests that Bitcoin will break through $1 million in the year 2027, before embarking on a sharp correction. The largest digital currency by market cap is trading at just over $60,000 at the time of writing.
Bitcoin and the Nasdaq 100
In addition to the comparison with the Nikkei 225, TechDev also shares a chart in which he compares the Bitcoin price with that of the Nasdaq.
Earlier this month, the analyst also shared that he was optimistic about the recent declines in the crypto market. “It’s clear that there is a lot of fear in the market. The last two weeks have been full of ‘I told you so’ statements from doomer bears. […] The fact that such statements came at a time when global macroeconomic conditions were actually pointing upwards made it nothing more than two weeks of noise for me.”
All in all, TechDev is bullish on Bitcoin and is trying to strike at times when everyone in the market is bearish and scared to death.
This was certainly the case in the past two weeks or at least on August 5.
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Source: https://newsbit.nl/analist-voorspelt-bitcoin-koers-van-1-miljoen-in-2027/
