A highly regarded cryptocurrency strategist has stated that Bitcoin (BTC) may lay the foundation for a significant rise in the coming months as the king of cryptocurrencies replicates the parabolic rebound of nearly a decade ago.Pseudonym analyst TechDev told his 409100 Twitter followers that multiple technical indicators suggest that Bitcoin may be mimicking the 2015 bull market, during which it rose from less than $200 to $20000 in about two years
A highly regarded cryptocurrency strategist has stated that Bitcoin (BTC) may lay the foundation for a significant rise in the coming months as the king of cryptocurrencies replicates the parabolic rebound of nearly a decade ago.
Pseudonym analyst TechDev told his 409100 Twitter followers that multiple technical indicators suggest that Bitcoin may be mimicking the 2015 bull market, during which it rose from less than $200 to $20000 in about two years.
This cryptocurrency analyst shared two charts showing how BTC has followed the 2015 cycle over the past year and a half.
The early stages of the Bitcoin parabolic curve underwent 1.5 years of correction
Looking at TechDev's chart, BTC seems to have eliminated the diagonal resistance that kept Bitcoin bearish in 2022 and retested it as support, which is strikingly similar to the price trends of leading digital assets in 2014 and early 2015.
The analyst's chart also shows the similarities between the two technical indicators: Relative strength index (RSI), a momentum indicator, and Moving Average Convergence Dispersion (MACD), a trend tracking indicator.
According to the chart, Bitcoin's weekly RSI recently broke through the bullish 60 range after a bullish divergence, reminiscent of its trend around eight years ago.
At the same time, the MACD showed a bullish crossover on the BTC weekly chart, which was another signal of the early bull market in 2015.
TechDev is not the only analyst who believes BTC can achieve exponential growth in the coming months. Anonymous analyst Credible believes that BTC may reach $130000 by the end of the year.
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