Bitcoin Could Refresh with a Record Above $100,000 - COINTURK NEWS
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Bitcoin Could Refresh with a Record Above $100,000

5:52 pm (55 days ago)
August 1, 2023

TechDev, an anonymous cryptocurrency analyst known as TechDev, claims that there will be a significant increase in the price of Bitcoin (BTC) if it continues to follow the historical trends of global liquidity cycles. Here is the analyst’s BTC prediction.

TechDev, closely followed by cryptocurrency investors, compares China’s 10-year bonds (CN10Y) with the US dollar index (DXY) to track cycles. The analyst also associates global liquidity cycles with the total balance sheets representing the money printing activities of major central banks.

According to a chart shared by TechDev, central bank balance sheets worldwide are poised to enter an upward trend as they expand. Moreover, the chart shows that Bitcoin’s price movements generally mimic global liquidity movements. This suggests that if the current trend continues, BTC could experience a rapid price increase in the coming months.

According to the analyst’s logarithmic growth curve (LGC), Bitcoin could refresh its record by 2025 or earlier. For those unfamiliar, LGCs are charts used to predict Bitcoin’s long-term highest and lowest levels, disregarding short-term price movements. According to TechDev, the peak point for Bitcoin is estimated to be between $100,000 and $140,000, based on specific parameters and impulse steepness of the LGC curve. Therefore, the approach of the LGC must be regarded as an approximate estimation.

The largest cryptocurrency, BTC, is currently trading just below $29,000 at $28,884. If Bitcoin reaches $140,000 as indicated by the LGC, it would mean a growth of approximately 380%. On the other hand, Bitcoin is trading at about 60% below its all-time high (ATH) of $69,000 with the current prices.

Bitcoin Could Be on the Verge of a Strong Bull Market

TechDev also reported that Bitcoin’s Bollinger Band Width (BBW) is slightly above the relatively low level of 0.50. Investors closely monitor BBW as it can indicate a significant price movement in either direction following a period of low volatility.

According to the chart shared by the analyst, in the last three instances where Bitcoin’s BBW approached 0.50, the market entered a fully developed bull market. This indicates that the largest cryptocurrency could be on the verge of a strong bull market today.

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