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According to leading cryptocurrency analyst TechDev, Bitcoin (BTC) might be moving in a trajectory similar to the extraordinary rise of the Japanese stock market forty years ago. This inference by the analyst is based on a series of charts comparing Bitcoin’s performance since 2010 with the performance of the Nikkei 225 index, which tracks 225 major companies on the Tokyo Stock Exchange, between 1950 and 2000.
Bitcoin Could Reach $760,000 in 2028-2029
TechDev’s analysis suggests that if Bitcoin continues to follow this historical pattern, it could astonishingly reach $760,000 between 2028 and 2029 before entering a prolonged bear market. Currently, Bitcoin is trading around $59,000, far from the predicted level.
In addition to comparing Bitcoin with the Nikkei 225, TechDev also shared a chart showing Bitcoin’s price alongside a line representing the ratio of 10-year Chinese bonds (CN10Y) to M2SL, a seasonally adjusted measure of the U.S. money supply. The analyst suggested that significant growth in CN10Y against M2SL could trigger major rallies in Bitcoin’s price, potentially pushing it towards the predicted peaks.
The analyst also expressed optimism despite the recent downturn in the cryptocurrency market. In a recent bulletin, TechDev highlighted the market’s extreme fear and increasing bearish sentiment as Bitcoin retested the $48,000 levels, which some claimed would never be reached again after initially doubting the rally starting from $25,000. TechDev viewed these periods of fear and skepticism as buying opportunities, drawing parallels with previous market reactions at critical price points like $15,000 after the FTX collapse, $20,000 amidst regional bank failures, and $38,000 following corrections post-spot ETF approvals.
Market Sentiment Can Change Rapidly
TechDev emphasized that market sentiment can change rapidly and often causes a whiplash effect as prices recover. Despite the increase in negative views, the analyst is confident that global macroeconomic conditions will continue to rise, aligning with a positive long-term outlook for Bitcoin.
According to the analyst, this cyclical behavior in speculative markets is not unusual, and Bitcoin’s rise will be inevitable as investor sentiment gradually returns to optimism.
