Bitcoin price forecast: Will BTC reach 1 million USD in 2027?

If we are to believe the well-known crypto analyst TechDev and his comparison to the Japanese stock index, Bitcoin could rise to 1 million USD by 2027. What is behind this forecast and the basis for his conclusion can be found in the following news article.

Bitcoin mirrors the Japanese stock index Nikkei 225

The well-known crypto analyst TechDev believes that the price development of Bitcoin can be compared to the price-weighted index Nikkei 225. Nikkei 225 represents the 225 blue-chip companies traded on the Tokyo Stock Exchange.

On the social media platform X (formerly Twitter), he writes that he has never seen anything like it. “Logarithmic growth cycles existed long before Bitcoin. Different assets. Different decades. Same species. Without considering time or price, most would think that the first half of the Nikkei chart is that of Bitcoin.”

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

Bitcoin is more volatile, but according to TechDev, this should not affect the potential outcome. If the price continues to develop similarly, BTC could reach a value of 1 million USD by 2027. Only then would a significant correction follow.

After the crash at the beginning of the month: Is it time for optimism Now?

Investors are divided, and the past weeks have been marked by many critical voices, including Peter Schiff, the biggest Bitcoin critic. While he predicts a long-term BTC price heading toward zero, TechDev remains optimistic about the development. In his newsletter, he writes that he pays little attention to the negative voices that have repeatedly, and unsuccessfully, predicted the downfall of Bitcoin. He expects the global cycle to move upward.

Currently, Bitcoin is valued at around 60,700 USD. This represents a 5.07 percent increase compared to the previous day and a 3.46 percent increase compared to a week ago. However, looking back just one month, there is a decrease of 8.85 percent. It remains to be seen whose prediction will ultimately come true.