Bitcoin Bears Be Wary: Analyst Predicts Uptrend
A highly regarded crypto analyst has recently suggested that Bitcoin (BTC) may have concluded its bear market phase and is poised for an upward expansion.
The pseudonymous analyst TechDev draws parallels between Bitcoin‘s current situation and its pre-bull market conditions in 2016 and 2020.
What #bitcoin has looked like before heading north… pic.twitter.com/aDCCAKSDli
— TechDev (@TechDev_52) October 6, 2023
TechDev shares a chart featuring monthly candlesticks, Bollinger bands, and an additional indicator that illustrates the logarithmic width between the bands concerning the 200-month moving average.
This chart implies that Bitcoin’s Bollinger bands, which gauge relative volatility, have contracted significantly, potentially signaling an imminent upward breakout.
The analyst describes the current scenario: “Bitcoin’s recent pattern resembles its past movements before embarking on a bullish trajectory.”
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TechDev further notes that both Bitcoin and the broader altcoin market are concurrently positioning themselves for potential breakouts. He makes a comparison between Bitcoin and a chart referred to as “OTHERS,” which tracks the market capitalization of all cryptocurrencies, excluding BTC and Ethereum (ETH).
According to TechDev’s analysis, Bitcoin has established a support level at the onset of a long-term bullish trend, while “OTHERS” has overcome a prior downward resistance.
In an earlier analysis earlier this year, TechDev highlighted what he termed “The 3-prong signal,” a pattern that preceded each of Bitcoin’s four historical all-time high surges.
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.
