Anonymous crypto analyst TechDev says Bitcoin (BTC) and digital assets are in the midst of a major bear market before the next bull run.
TechDev shared the chart with his 467,000 followers on social media platform X, suggesting that Bitcoin market cycles happen in a series of stages starting with “accumulation” and ending with a bull trap.
According to TechDev, BTC is in the “bear market” phase of the cycle, which will then go through “renewed optimism,” “FOMO” (fear of missing out) and “euphoria” phases before hitting new highs and entering a bull market.
Analysts also believe that USDT’s dominance in the cryptocurrency market is bearish, suggesting that the stablecoin will soon be traded heavily against other digital assets, driving up its price.
TechDev recently compared Bitcoin's historical price fluctuations with the Nikkei Stock Average, Japan's largest stock index.
Based on TechDev's chart, traders suggested that Bitcoin could rise to $760,000 between 2028 and 2029 before undergoing a multi-year bear market similar to the Nikkei's in the 1990s.
Last month, TechDev expressed optimism about the recent cryptocurrency market downturn.
“Clearly there is extreme fear in the market. The last two weeks have been full of 'I told you so' comments from the doomsayers about a retest of the $48,000 level that they said would never be reached when they issued their previous pessimistic outlook at $25,000.”
That's exactly what I wanted to see. The fact that it happened at a time when global macroeconomic conditions were improving makes it seem to me like nothing more than a couple of weeks of noise. Rather, it seems like the noise of the past six months.
This is typically true in all speculative markets, but the past two years have reflected this more than any other time in the cryptocurrency market: prices don't go up until X gets seriously scared. This was true at $15k after the FTX crash, $20k after the local banks went bust, $38k after the wild post-ETF selloff, and now.
Also, remember how emotions will fluctuate wildly in the coming weeks, and that is to be expected. Meanwhile, the global economic cycle continues its upward trend.”
At the time of writing, Bitcoin is valued at $54,435, up slightly from the previous day.
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