A Crypto Analyst Predicts a Historic Move for Bitcoin
A well-known crypto analyst is forecasting an unprecedented bullish surge for Bitcoin (BTC) based on two crucial indicators. The pseudonymous analyst TechDev believes that the total market capitalization of digital assets is poised for a significant breakout.
According to TechDev, the monthly crypto market cap is currently at its highest compression ever, indicating that a historic move is on the horizon. The analyst’s chart utilizes the Bollinger bands bandwidth (BBW), which measures price volatility. The BBW shows that the current volatility levels are lower than those preceding major upward moves in 2016 and 2020.
TechDev also examines the vortex indicator metric, specifically Bitcoin’s two VI trendlines. This crossing of trendlines has only occurred three times since 2016 on the two-month Bitcoin chart, and each time it has resulted in significant price increases.
At the time of writing, Bitcoin is trading at $34,699.
Hot Take: Bitcoin Poised for an Unprecedented Bullish Surge
A prominent crypto analyst predicts a groundbreaking move for Bitcoin based on key indicators. The total market capitalization of digital assets suggests an imminent breakout, potentially leading to a historic surge in value. The Bollinger bands bandwidth (BBW) indicates that current volatility levels are lower than those preceding significant upward moves in previous years. Additionally, the vortex indicator metric reveals a rare crossing of trendlines, which historically resulted in substantial price increases for Bitcoin. With these indicators aligning, Bitcoin appears to be setting up for a stronger performance than in 2020. As investors eagerly await this potential surge, Bitcoin continues to trade at $34,699.
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