It has been revealed that we can expect a massive Bitcoin move really soon. Check out the latest reports about this below.
Bitcoin new prediction is here
An analyst, known as TechDev, has suggested that the recent correction in Bitcoin’s (BTC) value could be a fakeout before the cryptocurrency experiences a new bull run.
TechDev, who has 417,000 followers, believes that if past cycles are any indication, Bitcoin’s drop to $25,000 may act as a springboard for a new expansion up.
The analyst regularly monitors global liquidity cycles and uses the Chinese 10-year bonds (CN10Y) against the US dollar index (DXY) to gauge market trends.
TechDev’s chart shows that the true strength indicator (TSI) is being used to determine the momentum of CN10Y compared to DXY. It remains to be seen whether the coming months will once again surprise the market or if this time will be different.
Based on TechDev’s analysis, the TSI is showing a bullish cross, which has been present at the beginning of previous Bitcoin bull markets.
TechDev is also using the supertrend indicator, which generates bull and bear signals based on whether the price breaks previous open or close levels over a given period.
The optimal scenario for Bitcoin, according to TechDev, would be a price increase to the two-month supertrend level of approximately $50,000, represented by the red line on the chart, followed by a test of support near $30,000 and then a launch into a parabolic movement.
This move will allow Bitcoin’s two-month chart to drop to the support area of the Bollinger bands width (BBW) indicator, a level that signaled the beginning of the 2017 and 2020 bull markets. Traders use the BBW indicator to measure an asset’s volatility.
TechDev stated the following:
“Want to see a move up to two-month supertrend + retest to complete two-month compression.”
Stay tuned for more news from the crypto space.
