According to popular cryptocurrency analyst TechDev, Bitcoin’s (BTC) price chart shows a surprising similarity to Japan’s leading stock index, the Nikkei 225. The analyst suggests that the crypto king moves in correlation with the index, with a potential for reaching 1 million dollars.
“Bitcoin Mirrors Nikkei 225”
Anonymous cryptocurrency analyst TechDev highlighted the similarity between Bitcoin and the Nikkei 225 index through a series of charts shared on social media platform X. The Nikkei 225 is known for tracking the performance of 225 leading companies listed on the Tokyo Stock Exchange.
TechDev commented on the shared chart, “Such a similarity is rarely seen. Logarithmic growth cycles existed long before Bitcoin. Different assets, different decades, but the same type. Without looking at time or price, most people might think the first half of the Nikkei chart is Bitcoin. It must have experienced a halving every 10 years.”
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AAPLThe analyst’s charts indicate that Bitcoin could surpass 1 million dollars by 2027, followed by a sharp correction. As of the publication of this article, Bitcoin, the largest cryptocurrency by market value, is trading at 60,692 dollars.
Nasdaq Index and Bitcoin
TechDev also shared another chart comparing Bitcoin with the Nasdaq index. The analyst stated, “There is a macro cycle alignment longer than many expect. And now, it’s returning to new highs.”
Earlier this month, the analyst expressed optimism about the recent decline in the cryptocurrency market in a newsletter. The analyst particularly noted the extreme fear in the markets, which coincided with times when Bitcoin experienced significant rises in the past.
TechDev said, “The last two weeks were filled with bearish messages at 25,000 dollars and comments from those who said Bitcoin would never reach 48,000 dollars again. This is exactly what I want to see. Considering the global macro conditions are upward, this situation is just two weeks of noise for me, as it has been in the last six months.”
The analyst emphasized that sudden and intense emotional changes in the cryptocurrency market are inevitable, while underscoring that the global cycle is still upward.
