An experienced analyst who has been gaining popularity for his accurate macro crypto predictions believes that Bitcoin (BTC) is on the verge of entering a parabolic phase in its market cycle.
TechDev, a pseudonymous analyst with a strong following on X, recently shared his insights with over 490,000 followers. According to him, Bitcoin is showing technical indicators that have historically preceded significant price surges in the past.
One of the key indicators TechDev pointed out is Bitcoin breaching the upper range of its Bollinger Bands on a two-month timeframe. Bollinger Bands are commonly used by traders to gauge volatility and determine whether an asset is overbought or oversold. TechDev’s chart also highlights similar patterns that were present during the 2016 and 2020 market cycles, just before Bitcoin experienced parabolic rallies.
TechDev further emphasized that Bitcoin is in the early stages of a parabolic ascent based on the crypto king’s logarithmic moving average convergence divergence (LMACD) indicator. This indicator is designed to show changes in an asset’s trend, strength, and momentum.
The analyst stressed the importance of paying attention to high time frames (HTFs) for trading cycles. He debunked the notion that previous price levels such as $30,000, $50,000, $70,000, and $90,000 were the cycle tops, as HTF expansion had not ended.
Based on TechDev’s analysis, Bitcoin may not reach a cycle top until its LMACD on the two-month chart hits resistance at 0.12, with the current LMACD hovering around 0.04. At the time of writing, Bitcoin is trading at $97,274.
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In conclusion, TechDev’s analysis suggests that Bitcoin is gearing up for a potential parabolic surge, with key technical indicators pointing towards further price appreciation. Investors and traders are advised to keep a close eye on the market trends and high time frames for optimal trading strategies.