Bitcoin
Bitcoin (BTC) mirroring the pre-parabolic rally that led to gains of over 1,200% in 2017, according to crypto analyst
Bitcoin (Bitcoin) the current market structure appears similar to that of 2017, just before its massive 1,200% rally to its previous all-time high of $20,000, according to widely followed crypto analyst TechDev.
The pseudonymous analyst shares with his 450,000 followers on social media platform X a chart that suggests the current market cycle is surprisingly reminiscent of the 2017 Bitcoin bull run.
TechDev’s chart highlights that both bear markets bottomed out during the crash of two major cryptocurrency exchanges, followed by repeated rallies and consolidation phases.
“The more things change, the more they stay the same.”
Source: Technological Development/X
Looking at the trader’s chart, it seems to suggest that BTC is currently in a consolidation phase similar to 2017, when it was trading at around $1,500 before a parabolic run to a bullish cycle of $20,000.
At the time of writing, Bitcoin is worth $67,060.
The analyst also analyzes Bitcoin’s relative strength index (RSI), which aims to assess the dynamics of an asset. According to TechDev, Bitcoin has historically peaked when its RSI has reached the top of a long-term channel, which has not yet occurred.
“You are in the green zone. Do not waste.
Source: Technological Development/X
TechDev is also analyzing the OTHERS chart, which tracks the market cap of all cryptocurrencies, excluding the top 10 digital assets and stablecoins. Specifically, he is looking at the chart’s stochastic RSI, moving average convergence divergence (MACD), and the logarithmic Bollinger Band indicator.
MACD is traditionally used to identify reversals based on the convergence or divergence of moving averages, and Bollinger Bands are intended to identify periods of impending sharp price movements based on contracting volatility.
According to the analyst, OTHERS, which is often used to assess the strength of altcoins, has reached a “maximum compression” zone, suggesting that a major upward movement is on the horizon. He also notes that the configuration matches the turn back from “Roaring Kitty”, leader of the movement that raised the price of Gamestop (GME) in 2021.
“Roaring Kitty returns when this alternate setting reappears.
There are no coincidences.”
Source: Technological Development/X
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