Analyst Sees Bitcoin Following Nikkei Patterns, Predicts $1 Million by 2027

A popular crypto analyst known as TechDev has observed that Bitcoin’s price trends seem to follow patterns similar to the Nikkei 225, a Japanese stock market index that tracks major companies on the Tokyo Stock Exchange.

Sharing his findings on social media, TechDev pointed out that the growth cycles seen in Bitcoin have parallels with those of other assets from different periods, suggesting that such patterns aren’t unique to the cryptocurrency.

Haven’t seen much else like it.

Log growth cycles have existed well before #Bitcoin .

Different assets. Different decades. Same species.

Without looking at time or price, most would think the first half of the Nikkei’s chart is Bitcoin’s.

It must have had a halving every 10… pic.twitter.com/EivJEiZRhl

— TechDev (@TechDev_52) August 16, 2024

One of TechDev’s charts indicates that Bitcoin might hit $1 million by 2027 before experiencing a significant correction.

At the time of writing, Bitcoin is trading around $60,500 after a 4.7% surge in the past 24 hours.

TechDev also compared Bitcoin’s trajectory to the Nasdaq, hinting at the possibility of a longer upward trend than many anticipate.

Confluence for a longer macro leg than many expect.

Back at new highs.

h/t @THE_BANKRUN pic.twitter.com/hQhIgJNVWX

— TechDev (@TechDev_52) August 16, 2024

Despite recent market declines, he remains optimistic, dismissing the downturn as temporary noise and noting that past instances of extreme market fear were often followed by strong recoveries.

According to him, the broader economic environment still supports Bitcoin’s potential for further gains.