TechDev cryptocurrency analyst provided insight into Bitcoin’s future trajectory. The analyst suggested that the flagship cryptocurrency has not yet reached its full potential this market cycle and that we will see further increases in cryptographic token prices.
It’s not time for Bitcoin to peak yet
TechDev spotted X (formerly Twitter) post That Bitcoin Tops will only occur when Chaikin’s four-week money flow (CMF) breaks the line he highlighted in the accompanying chart. His analysis suggests that Bitcoin will continue to gain parabolic movement up before there is a significant decline.
Blowing tops are a chart pattern showing a rapid raise in the price of an asset followed by a piercing decline in its price. TechDev’s chart showed something similar happened in previous bull cycleswith Bitcoin enjoying parabolic growth trend for about a year before its price plummeted.
Likewise, based on TechDev’s chart, Bitcoin will once again enjoy a parabolic uptrend from now until some point in 2025 before reaching a market high and starting to decline significantly. In another Post X, an analyst suggested that it’s almost time for Bitcoin to enjoy another rally. How Rekt Capital cryptocurrency analyst claimed this next upward move will put Bitcoin into the “parabolic uptrend” phase of this market cycle.
Interestingly, this breakout for Bitcoin may come sooner than expected, with TechDev claiming that in 18 days, Bitcoin will have a chance of a breakout that it has only seen once in its history. From the chart he shared, TechDev suggested an raise in the value of Bitcoin up to $190,000 in this running of the bulls.
This is also worth mentioning CrediBULL Crypto cryptocurrency analyst Lately predicted that Bitcoin’s breakout is inevitable. He said Bitcoin will “absolutely send a gig” within seven to 10 days and will surge all the way to $100,000 when it does.
Bitcoin’s breakout may still take some time
Rekt Capital cryptocurrency analyst recently stated that Bitcoin will break out of this Scope of re-accumulation will occur in September 2024 if history repeats itself. Cryptocurrency analyst taken over that Bitcoin’s struggle to break out of its re-accumulation bandwagon is “beneficial to the entire cycle.”
He noted that Bitcoin has never broken out this early in the post-halving period. Rekt Capital noted that Bitcoin’s breakout this early means that this cycle will be accelerated and the bull market will be shorter than usual. Therefore, he thinks so long-term consolidation helps Bitcoin’s price re-sync with historical halving cycles so that the market can experience a “normal and regular bull run“
As of this writing, Bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to Bitcoin data. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
