A Crypto Analyst Suggests Bitcoin May Follow Amazon’s Recovery Pattern
A well-known crypto analyst has pointed out a potential similarity between Bitcoin (BTC) and Amazon’s stock (AMZN) recovery pattern in 2010. The analyst, known as TechDev, shared a chart on social media that compares BTC’s price movement over the past three years to AMZN’s performance during 2010 and 2011.
According to TechDev, both charts show double tops followed by significant corrections to previous all-time highs. Afterward, there was a sudden parabolic surge to new all-time highs with minimal or no dips along the way.
The analyst suggests that if Bitcoin is indeed following a similar pattern, a rapid move to new highs from its current level would not be surprising. However, the possibility of a retest at $32,000 is still on the table.
The Vortex Indicator and Bitcoin’s Bullish Signals
TechDev has previously highlighted Bitcoin’s Vortex Indicator (VI), which is designed to identify trend reversals and confirm existing trends. The analyst shares a monthly BTC chart showing that the VI has been highly accurate in signaling bull markets. The moment the VI flips bullish is referred to as the “parabolic signal” for Bitcoin.
Overall, TechDev suggests that structural analogs in market behavior often persist regardless of the asset being analyzed.
Hot Take: Bitcoin’s Potential Parabolic Recovery
A prominent crypto analyst has drawn parallels between Bitcoin’s price action and Amazon’s stock recovery in 2010. According to the analyst, both assets exhibited double tops followed by significant corrections before experiencing sudden parabolic moves to new all-time highs. While cautioning that a retest at $32,000 is still possible, the analyst suggests that a rapid move to new highs from Bitcoin’s current level would not be surprising. Additionally, the analyst points to the Vortex Indicator’s track record in accurately signaling Bitcoin’s bull markets. This comparison suggests that Bitcoin could be on the verge of a parabolic recovery similar to Amazon’s in 2010.
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