Macro Bitcoin Analyst Predicts Imminent Historic Move for BTC 📈
A crypto strategist renowned for his macro Bitcoin predictions is anticipating a significant price surge for BTC towards a blow-off top.
The pseudonymous analyst TechDev, followed by over 456,200 individuals on X, reveals that Bitcoin is currently experiencing its tightest trading range on the five-day chart in the last eight years.
- A tight trading range during a bullish trend suggests impending buying activity meeting sellers’ desired price, leading to price compression and an eventual breakout.
- TechDev utilizes logarithmic Bollinger bands to assess Bitcoin’s historical volatility.
TechDev elaborates,
“Historic move imminent. Bitcoin’s recent bullish compression on the five-day chart is at its peak in eight years.”
Anticipating Steep Rallies and a Blow-Off Top for BTC 🚀
TechDev highlights the likelihood of sharp and quick rallies following the narrowing of Bitcoin’s trading range. He points to the BTC versus M1 money supply chart, depicting a recent “textbook breakout.”
- The breakout signifies that Bitcoin is poised to embark on a parabolic surge and conclude this cycle with a blow-off top, akin to past bull markets in 2017, 2015, and 2013.
- According to TechDev, the historical data indicates that Bitcoin typically experiences blow-off tops post breakouts against the M1 money supply.
- The longer the consolidation period, the more prolonged the price upsurge.
- The recent breakout resembles a classic breakout of a five-year broadening wedge.
- Bitcoin is displaying an impulsive trend against M1 for the first time since 2017.
The M1 money supply tracks the total liquid assets circulating in the US financial system, encompassing physical money, demand deposits, traveler’s checks, and other forms of checkable deposits.
As per the latest data, Bitcoin is currently trading at $69,060, reflecting a growth of over 1% in the past 24 hours.
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