Bitcoin Analyst: Key Indicators Point to Potential Price Surge
A prominent cryptocurrency analyst has highlighted a positive indicator for Bitcoin (BTC) despite its recent drop below $60,000.
TechDev, who shares insights with a substantial social media following, points out that a key metric known as the two-week Gaussian channel has turned green. This occurrence has historically preceded significant upward movements in Bitcoin’s price.
There’s only one other time in #Bitcoin history when the 2W Gaussian channel flipped green.
Price consolidating at the prior high marked the half-way point of a parabolic move few saw coming. pic.twitter.com/vjePR7QCFG
— TechDev (@TechDev_52) June 23, 2024
The analyst explains that Gaussian channels are momentum indicators used to identify potential price reversals. TechDev suggests that Bitcoin’s current consolidation around previous highs mirrors a pattern observed before major price surges, similar to those seen in 2017.
READ MORE: German Government Sells $54 Million in Bitcoin
Additionally, TechDev discusses the Chaikin Money Flow (CMF), which measures the flow of money into or out of an asset over a specified period.
First 4W parabolic money flow signal on #bitcoin since 2017. pic.twitter.com/uy7SjTNBZn
— TechDev (@TechDev_52) June 22, 2024
Notably, Bitcoin has remained above the bullish line on the four-week CMF chart. This positioning has historically foreshadowed significant price rallies, as observed in previous market cycles.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
