Crypto Analyst Sees Bitcoin (BTC) Mirror 2017 Rally in Current Market Structure 🚀
According to TechDev, a well-known crypto analyst, Bitcoin’s current market structure resembles the setup seen in 2017, just before its monumental 1,200% surge to its previous all-time high of $20,000. Let’s delve into the insights shared by this analyst on the similarities between the two market cycles.
Similar Market Cycles: 2017 vs. Current Scenario 🔄
- TechDev’s chart indicates that both 2017 and the current market scenario witnessed bear markets bottoming out during major exchange crashes.
- Subsequent to these bottoms, there were repeated rallies and consolidation phases observed in both instances.
- The analyst emphasizes the adage, “The more things change, the more they stay the same.” reflecting the cyclical nature of crypto markets.
The chart highlighted by TechDev suggests that Bitcoin is currently in a consolidation phase similar to 2017, where it saw a noteworthy surge from around $1,500 to a peak of $20,000. As of now, Bitcoin is valued at $67,060. Additionally, the analyst points out some crucial indicators to watch.
Key Indicators to Monitor 🔍
- Bitcoin’s Relative Strength Index (RSI) is a significant metric for gauging momentum. TechDev notes that historically, Bitcoin has hit peaks when its RSI reaches the top of a long-term channel – a level yet to be reached in the current cycle.
- Delving into the OTHERS chart, which tracks all cryptos excluding the top 10 and stablecoins, TechDev analyzes the stochastic RSI, MACD, and Bollinger Band indicator for potential trends and movements.
The MACD is often used to identify reversals based on moving averages, while the Bollinger Bands indicate impending sharp price movements. TechDev notes that the OTHERS chart shows signs of reaching a “max compression” zone, hinting at a potential upside move. This setup aligns with the Return of “Roaring Kitty,” reminiscent of the Gamestop (GME) pump in 2021.
Hot Take on Current Market Trends 🔥
Bitcoin seems to be following a pattern reminiscent of its 2017 rally, sparking optimism among traders and investors. With key indicators signaling potential positive movements ahead, all eyes are on how the market will unfold in the coming days.
The post Bitcoin (BTC) Mirroring Pre-Parabolic Rally That Led to Over 1,200% Gains in 2017, According to Crypto Analyst appeared first on The Daily Hodl.
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