A widely followed cryptocurrency analyst offered a bullish market price target for Bitcoin, stating that Bitcoin is starting to mirror previous cycles.
Pseudonymous analyst TechDev shared a chart comparing Bitcoin's current market cycle with the 2020-2021 market cycle to his 448,000 followers on social media platform X.
TechDev uses Elliott Wave Theory, which traditionally suggests that assets experience bullish impulses in five major waves, to see the last bullish push for BTC to reach near the six-digit range later this year. I'm guessing you're experiencing some movement.
“If you look at the impulsive structure of the past year and a half, the next one will be $90,000 to $100,000. Bitcoin.”
Based on his own charts, TechDev also suggests that Bitcoin's Relative Strength Index (RSI), a widely used momentum indicator, is cooling down, foreshadowing another big up move for BTC. ing.
The same analyst recently predicted that Bitcoin would rise more than 120%, similar to what happened in late 2020, when Bitcoin soared from about $13,000 to more than $29,000 in just two months.
“Bitcoin’s 2-month candlestick is at the high of the candle body just after maximum compression.
As the RSI (Relative Strength Index) is about to break through 70.
These are the conditions that caused the last three parabolic accelerations.
I think the candle height for these next two months will be similar to November 2020.”
At the time of this writing, Bitcoin is trading at $63,330.
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