Analyst Who Correctly Predicted Bitcoin’s Surge And Crash Reveals Where Price Is Headed Next
June 14 2024 - 12:00PM
NEWSBTC
Crypto analyst TechDev has provided insights into the Bitcoin
future trajectory. The analyst suggested that the flagship crypto
has yet to reach its full potential in this market cycle and that
more price surges lie ahead for the crypto token. Not
Yet Time For A Bitcoin Blowoff Top TechDev remarked in an X
(formerly Twitter) post that the Bitcoin blowoff tops only happen
after the four-week Chaikin money flow (CMF) breaks a line he
highlighted on the accompanying chart. His analysis suggests that
Bitcoin is still bound to make a parabolic move to the upside
before it experiences a significant decline. Related Reading:
Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment,
Is It Time To Buy SOL? Blowoff tops are a chart pattern that shows
the rapid increase in an asset’s price followed by a sharp drop in
its price. TechDev’s chart showed that something similar happened
in the previous bull cycles, with Bitcoin enjoying a parabolic
uptrend for about a year before its price dropped sharply.
Similarly, based on TechDev’s chart, Bitcoin is again set to enjoy
a parabolic uptrend from now to sometime in 2025 before it reaches
its market top and begins to decline significantly. In another X
post, the analyst suggested that the time has almost for Bitcoin to
enjoy its next leg up. As crypto analyst Rekt Capital claimed, this
next move to the upside will take Bitcoin into the ‘parabolic
uptrend’ phase of this market cycle. Interestingly, this
breakout for Bitcoin could happen sooner than expected, with
TechDev claiming that in 18 days, Bitcoin will have a chance at a
breakout that it has only seen once in its entire history. From a
chart he shared, TechDev hinted at Bitcoin rising to as high as
$190,000 in this bull run. It is also worth mentioning that
crypto analyst CrediBULL Crypto recently predicted that a Bitcoin
breakout is imminent. He said Bitcoin would “absolutely giga send”
in seven to ten days and rise to as high as $100,000 when this move
happens. Bitcoin’s Breakout May Still Take A While Crypto
analyst Rekt Capital recently stated that Bitcoin’s breakout from
this Re-Accumulation range would occur in September 2024 if history
repeats itself. The crypto analyst claimed that Bitcoin’s struggle
to break out from this Re-Accumulation range is “beneficial for the
overall cycle.” Related Reading: DOGE To The Moon: This Dogecoin
Metric Just Turned Bullish For The First Time Since 2020 He noted
that Bitcoin has never broken out this early in the post-halving
period. Rekt Capital remarked that a Bitcoin breakout this early
means that this cycle would be accelerated and that the bull market
would be shorter than usual. As such, he believes that this lengthy
consolidation is helping Bitcoin’s price resynchronize with
historical halving cycles so that the market can experience a
“normal and usual bull run.” At the time of writing, Bitcoin is
trading at around $66,900, down almost 1% in the last 24 hours,
according to data from CoinMarketCap. Featured image created with
Dall.E, chart from Tradingview.com
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024