This ignores the 2011 bubble ratio (~1:16), which would have us back down to low double digits.
I don't think the "bubble projection method" is necessarily informative anyway.
The 2011 bubble rose 32:1 and then crashed 16:1 and of course there was the first major Gox hack to complicate things and no other major exchanges for an alternative. It's not intended to prove $530 has to be the bottom, only that it reasonably could be. This is sound analysis.