Bitcoin’s Bullish Surge Predicted by Analyst TechDev
A well-known cryptocurrency analyst, TechDev, is anticipating a significant bullish move for Bitcoin (BTC) based on two key indicators.
They pointed out that the total market capitalization of digital assets appears primed for a major breakout.
The monthly #crypto market cap is at its highest compression, ever.
I believe a historic move is ahead. pic.twitter.com/FE2fmERHbE
— TechDev (@TechDev_52) October 22, 2023
TechDev noted that the monthly cryptocurrency market cap is currently at its highest level of consolidation in history, leading them to believe that a historic shift is on the horizon.
TechDev’s analysis relies on the Bollinger Bands Bandwidth (BBW), a gauge of price volatility. They observed that the BBW is below the levels preceding substantial upward movements in 2016 and 2020.
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Using this same BBW metric, TechDev suggests that Bitcoin‘s impending breakout may surpass even the one in 2020, marking the tightest monthly consolidation since 2016 and a stronger outlook than in 2020.
Tightest monthly compression since 2016.
Stronger than 2020.#Bitcoin pic.twitter.com/XZmsXsxoHo
— TechDev (@TechDev_52) October 24, 2023
Furthermore, TechDev examined the Vortex Indicator, which assesses two trendlines, VI+ and VI-. They noted that it’s only the third time since 2016 that these two VI trendlines have intersected on the two-month Bitcoin chart.
Historically, such intersections have led to significant price surges for the leading cryptocurrency, indicating that we may be witnessing a maximum consolidation before a substantial move.
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.
