A widely followed analyst believes that despite recent price weakness, Bitcoin (BTC) is gearing up for a parabolic surge.
Pseudonymous crypto strategist TechDev told his 447,600 followers on social media platform He said he was there.
Analysts predict that BTC will rise more than 120%, similar to what happened in late 2020, when Bitcoin soared from about $13,000 to more than $29,000 in just two months.
“Bitcoin’s 2-month candlestick is at the high of the candle body just after maximum compression.
As the RSI (Relative Strength Index) is about to break through 70.
These are the conditions that caused the last three parabolic accelerations.
I think the candle height for these next two months will be similar to November 2020.”
Looking at the trader's chart, he points out that Bitcoin experienced parabolic gains in 2013, 2016, and 2020 when the Relative Strength Index (RSI), which measures momentum, crossed the bullish 70 level. It seems like it is.
He also said that the Bollinger Band Width (BBW), Bitcoin's volatility indicator, bottomed at the same three times, indicating that BTC was preparing for a major price explosion.
Because Bitcoin reproduces exact conditions, TechDev To tell It is unlikely that BTC will experience a price crash.
“Please also point out the 'pullback/crash/dump' thing that has been worrying so many people for the past eight months.”
While TechDev is optimistic about Bitcoin's prospects for another parabolic rise, fellow cryptocurrency analyst DonAlt doesn't share the same opinion.
Analysts who predicted Bitcoin’s bottom in 2022 warned that the $60,000 support looks fragile after being tested multiple times.
“We're back to the same level we were before. The more often we test, the more likely it is to break.
At this point, even the bulls would want a washout below.
Until proven otherwise (such as until the $68,000 is recovered or the range is lost and recovered again), we are complacent. ”
As of this writing, Bitcoin is worth $63,524.
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