Is Bitcoin’s recent crash just a fakeout?
An analyst known as TechDev believes that Bitcoin’s recent correction to $25,000 might actually be the final fakeout before a new bull run. Based on historical cycles, TechDev suggests that Bitcoin’s crash could act as a spring for a new expansion up.
Key Points:
- TechDev uses the Chinese 10-year bonds (CN10Y) against the US dollar index (DXY) to analyze global liquidity cycles.
- The true strength indicator (TSI) on TechDev’s chart is flashing a bullish cross, similar to previous Bitcoin bull markets.
- TechDev also utilizes the supertrend indicator, which suggests that Bitcoin could reach $50,000 before testing support near $30,000 and launching into a parabola.
- According to TechDev, the move would align with the Bollinger bands width (BBW) indicator, which signaled previous bull markets.
- TechDev compares the current situation to 2016, where Bitcoin consolidated above the Gaussian Channel before moving into a clear uptrend.
Hot Take:
Based on historical indicators and analysis, TechDev believes that Bitcoin’s recent crash is just a fakeout and Bitcoin is set for a mega expansion. With the potential for a run-up to $50,000 and support testing before a parabolic move, TechDev suggests that Bitcoin could be on the verge of a new bull run.
By
By
By
By
