Crypto analyst TechDev has recently shared insights into the future trajectory of Bitcoin. According to TechDev, Bitcoin has not yet reached its full potential in this market cycle. The analyst suggested that more price surges are on the horizon for the flagship cryptocurrency.
TechDev pointed out in a post on X (formerly Twitter) that Bitcoin blowoff tops typically occur after the four-week Chaikin money flow (CMF) breaks a specific line on a chart. His analysis indicates that Bitcoin is still poised to make a parabolic move to the upside before experiencing a significant decline. Blowoff tops are chart patterns that show a rapid increase in an asset’s price followed by a sharp drop.
Historical Trends and Future Projections
Looking at historical bull cycles, TechDev’s chart suggests that Bitcoin tends to enjoy a parabolic uptrend for about a year before a sharp decline in price. Based on this historical data, Bitcoin is expected to continue its parabolic uptrend until sometime in 2025 before reaching a market top and starting a significant decline.
Predictions and Breakout Possibilities
In another X post, TechDev hinted that the time is near for Bitcoin to start its next leg up. Crypto analyst Rekt Capital also mentioned that the upcoming move could take Bitcoin into a ‘parabolic uptrend’ phase in this market cycle. TechDev even suggested that Bitcoin could potentially rise as high as $190,000 in this bull run, based on the chart shared. Additionally, other analysts like CrediBULL Crypto have predicted an imminent breakout for Bitcoin, with potential price targets of $100,000.
Rekt Capital recently discussed Bitcoin’s struggle to break out from the Re-Accumulation range, noting that a breakout may occur in September 2024 if history repeats itself. The analyst mentioned that breaking out early in the post-halving period could accelerate the cycle and shorten the bull market. This prolonged consolidation period is believed to help Bitcoin’s price realign with historical halving cycles for a more ‘normal and usual bull run.’
With Bitcoin currently trading around $66,900, down almost 1% in the last 24 hours, it will be interesting to see how these predictions and projections play out in the coming months and years. As always, the cryptocurrency market is highly volatile and unpredictable, so investors should proceed with caution and do their own thorough research before making any investment decisions.