A widely followed cryptocurrency analyst says Bitcoin (BTC) is mirroring the movements of major stock indexes in the past and is gearing up for a new vertical.
A pseudonymous analyst known as TechDev told his 473,000 followers on social media platform X that Bitcoin could enter a bull market that many will not be able to catch.
While most crypto market participants view BTC prices in four-year halving-based cycles, TechDev suggests Bitcoin may be in the early stages of an eight-year bull market. He shared a graph showing the similarities between Bitcoin and the soaring price of the Nikkei Stock Average, a Japanese stock index that has been rising for almost 15 years since 1975.
“This 'Final Battle' may be more difficult to read than you think.”
According to TechDev, the crypto market is likely to move into a “mass attention” phase where prices rise faster than at any other point in the market cycle.
“The current combination of technicals and sentiment is setting us up for the next vertical.
When you get a lot of attention, it happens quickly.
99% of Bitcoin's gains over the past 10 years have occurred in just 30 days.
It's a side job/late tax and the amount is high. ”
At the time of this writing, Bitcoin is trading at $69,000.
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