According to widely followed cryptocurrency analyst TechDev, the current market structure of Bitcoin (BTC) is similar to that in 2017, just before its massive 1200% rally towards an all-time high of $20,000. They say they are similar.
The pseudonymous analyst shared a chart with his 450,000 followers on social media platform X that shows the current market cycle is strikingly reminiscent of the 2017 Bitcoin bull market.
TechDev's chart highlights that both bear markets bottomed out during the crash of the two major crypto exchanges, followed by repeated stages of rally and consolidation.
“The more things change, the more they stay the same.”
Looking at the trader's chart, he seems to suggest that BTC is currently in a consolidation phase similar to 2017, when it was trading at around $1,500 before going parabolic towards a cycle high of $20,000. is.
As of this writing, Bitcoin is worth $67,060.
Analysts are also keeping an eye on Bitcoin's Relative Strength Index (RSI), which aims to gauge the asset's momentum. According to TechDev, Bitcoin historically hits its highest price when the RSI reaches the high of its long-term channel, but this has not happened yet.
“You're in the green zone. Don't waste it.”
TechDev also looks at the OTHERS chart, which tracks the market capitalization of all cryptocurrencies except for the top 10 digital assets and stablecoins. Specifically, we focus on the Stochastic RSI, Moving Average Convergence Divergence (MACD), and Log Bollinger Bands indicators on the chart.
MACD is traditionally used to pinpoint reversals based on the convergence or divergence of moving averages, while Bollinger Bands are intended to identify periods of impending sharp price movements based on decreasing volatility. is.
According to the analyst, OTHERS, which is often used to gauge the strength of altcoins, has reached a “maximum compression” zone, suggesting a big move to the upside is imminent. He also noted that this setup coincides with the return of “Roaring Kitty,” the leader of the movement that drove up the price of GameStop (GME) in 2021.
“Roaring Kitty is back with this alternate setup.
There are no coincidences. ”
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