Indicators now strongly suggest that Bitcoin (BTC) has more gas left in the tank with its recent rally and that even bigger gains are on the way, according to a closely watched crypto analyst. List says.
A pseudonymous analyst known as TechDev told his 444,000 followers on social media platform He said it was on the rise.
TechDev also notes that BTC’s Moving Average Convergence Divergence (MACD) indicator on the two-month chart turned green at the same time.
The analyst believes that three characteristics of Bitcoin's current price movement have historically combined to create a parabolic rise, which is likely to end once the 111 DMA touches the 2×350 DMA. He points out.
“It is nothing new that BTC consolidated at the intersection of the all-time high and the 2×350 DMA immediately after a two-month MACD reversal.
On the contrary, this portends a parabolic rise to the cross with the 111 DMA. ”
TechDev believes that Bitcoin market cycles occur approximately every four years and have little to do with the halving, which cuts miners' BTC rewards in half.
Rather, analysts say Bitcoin is likely correlated with global liquidity cycles. He shares a long-term chart suggesting the correlation between BTC, global liquidity, and the balance sheets of major central banks.
“This is the first time Bitcoin has reached a new all-time high before the halving…
Because this is the first liquidity cycle that starts before the halving.
We'll find out which ones have been driving these runs, and which ones just happened to coincide (except this time). ”
At the time of this writing, Bitcoin is trading at $69,780.
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