Crypto Analyst Says Historic Move Imminent for Bitcoin, Predicts Steep and Rapid Rallies for BTC – Crypto News – Crypto News
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Crypto Analyst Says Historic Move Imminent for Bitcoin, Predicts Steep and Rapid Rallies for BTC – Crypto News

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9 months ago

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A crypto strategist known for macro Bitcoin calls thinks that BTC is gearing up for a big price explosion en route to a blow-off top.

Pseudonymous analyst TechDev tells his 456,200 followers on the social media platform X that Bitcoin’s trading range on the five-day chart is at its tightest level in eight years.

A tight trading range in a bullish trend suggests that buying activity is inching closer to sellers’ desired price level, causing price compression that often leads to a breakout. TechDev uses logarithmic Bollinger bands to quantify Bitcoin’s volatility history.

Says TechDev,

“Historic move imminent.

Bitcoin’s five-day bullish compression has reached its highest level in eight years.” 

Source: TechDev/X

As Bitcoin’s trading range becomes narrow, TechDev says the ensuing breakout will likely lead to steep and rapid rallies. The analyst highlights the BTC versus M1 money supply chart, which he says recently witnessed a “textbook breakout.”

According to TechDev, the breakout suggests that Bitcoin will ignite a parabolic surge and end this cycle with a blow-off top similar to what happened during the 2017, 2015 and 2013 bull markets.

“Significant.

Bitcoin has only seen blow-off tops after breakouts against M1 money supply.

And the longer it’s consolidated, the longer it’s run.

This breakout follows the longest consolidation yet.

In fact, it represents a textbook breakout of a five-year broadening wedge.

The last five years have been corrective against M1. BTC is once again impulsive against it for the first time since 2017.

We’ve never seen a Bitcoin breakout like this one.” 

Image
Source: TechDev/X

M1 money supply tracks the amount of liquidity sloshing in the US financial system by summing up all physical money including coins and currency, demand deposits, traveler’s checks and other checkable deposits.

At time of writing, Bitcoin is trading at $69,060, up more than 1% in the past day.

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