Cryptocurrency analyst TechDev recently provided insights into the potential future trajectory of Bitcoin. According to TechDev, Bitcoin has not yet reached its full potential in the current market cycle. He suggested that there are more price surges on the horizon for the flagship cryptocurrency. TechDev’s analysis points towards a parabolic move to the upside for Bitcoin, indicating that a significant price surge is imminent.
TechDev highlighted in a post on X (formerly Twitter) that blowoff tops in Bitcoin typically happen after the four-week Chaikin Money Flow (CMF) breaks a specific line on the chart. Blowoff tops are characterized by a rapid increase in an asset’s price followed by a sharp decline. TechDev’s chart analysis revealed that similar patterns have occurred in previous bull cycles, with Bitcoin experiencing a parabolic uptrend before a significant price drop.
Based on TechDev’s chart, Bitcoin is expected to undergo a parabolic uptrend until approximately 2025, reaching its market top before a decline. Another X post by TechDev suggested that Bitcoin is poised for its next leg up in the market cycle. Crypto analyst Rekt Capital also predicted that Bitcoin’s next move to the upside will lead it into a parabolic uptrend. TechDev hinted at Bitcoin potentially reaching as high as $190,000 in the current bull run.
Crypto analyst CrediBULL Crypto recently forecasted a Bitcoin breakout in the near future, with the cryptocurrency potentially surging to $100,000 in a matter of days. Rekt Capital stated that Bitcoin’s breakout from the Re-Accumulation range is anticipated in September 2024, suggesting that the current consolidation period is beneficial for the overall market cycle. He emphasized the importance of Bitcoin resynchronizing with historical halving cycles for a normal and usual bull run.
As of the latest data from CoinMarketCap, Bitcoin is currently trading at around $66,900, showing a slight decline of almost 1% in the last 24 hours. Despite the short-term price fluctuations, analysts like TechDev and Rekt Capital remain bullish on Bitcoin’s long-term trajectory, predicting significant price surges and potential breakouts in the upcoming market cycles.
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