Bitcoin
Crypto Analyst Says Historic Move Is Imminent for Bitcoin, Predicts Quick, Steep Rallies for BTC
A crypto strategist known for Bitcoin macro calls thinks that Bitcoin is gearing up for a big price explosion on the way to the top.
Pseudonymous analyst TechDev told his 456,200 followers on social media platform X that Bitcoin’s trading range on the five-day chart is at its tightest level in eight years.
A narrow trading range in an uptrend suggests that buying activity is approaching the price level desired by sellers, causing price compression that often leads to a breakout. TechDev uses logarithmic Bollinger bands to quantify Bitcoin’s historical volatility.
Says TechDev,
“Imminent historic movement.
Bitcoin’s five-day bullish squeeze has reached its highest level in eight years.”
Source: Technological Development/X
As Bitcoin’s trading range tightens, TechDev says the ensuing breakout will likely lead to rapid and sharp rallies. The analyst highlights the BTC versus M1 money supply chart, which he says has recently witnessed a “classic burst.”
According to TechDev, the breakout suggests that Bitcoin will trigger a parabolic rise and end this cycle with a spike similar to what happened during the 2017, 2015, and 2013 bull markets.
“Significant.
Bitcoin only saw burst spikes after breakouts against the M1 money supply.
And the longer it is consolidated, the longer it will run.
This breakout follows the longest consolidation to date.
In fact, it represents a classic breakout of a five-year widening wedge.
The last five years have been corrective against M1. BTC is once again bullish against it for the first time since 2017.
We have never seen a Bitcoin breakthrough like this.”
Source: Technological Development/X
The M1 money supply tracks the amount of liquidity that is flowing into the U.S. financial system by summing up all physical money, including coins and currency, demand deposits, traveler’s checks, and other verifiable deposits.
At the time of writing, Bitcoin is trading at $69,060, up more than 1% from the previous day.
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