A Crypto Analyst Predicts Bitcoin’s Bull Market is Approaching
A well-known crypto analyst believes that Bitcoin’s bear market is coming to an end and a bullish trend is on the horizon. TechDev, an analyst with a large following on social media, compares the current situation to the pre-bull market periods in 2016 and 2020. He shares a chart showing Bitcoin’s monthly candles, Bollinger bands, and an indicator representing the width between the bands relative to the 200-month moving average. The chart suggests that Bitcoin’s Bollinger bands have compressed enough to indicate an upcoming upward breakout.
TechDev also notes that both Bitcoin and the altcoin market are gearing up for breakouts. He compares Bitcoin’s performance with OTHERS, a chart measuring the market cap of all cryptocurrencies except Bitcoin and Ethereum. According to TechDev, BTC has established support for a long-term bullish impulse, while OTHERS has broken a downward resistance.
Earlier this year, TechDev identified “The 3-prong signal,” which preceded each of Bitcoin’s previous all-time highs. This signal has recently been confirmed, further supporting his prediction of an upcoming bullish trend for Bitcoin.
Hot Take: Bitcoin’s Bull Market on the Horizon
Based on high timeframe indicators and historical patterns, crypto analyst TechDev believes that Bitcoin’s bear market is ending and a new bullish trend is about to begin. His analysis suggests that Bitcoin’s Bollinger bands have compressed, indicating an imminent breakout to the upside. Additionally, he compares Bitcoin’s performance with OTHERS, highlighting positive signs for both BTC and the altcoin market. TechDev’s previous identification of “The 3-prong signal” further strengthens his prediction. If his analysis proves accurate, Bitcoin could soon enter a period of significant growth.
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