Leading crypto analyst TechDev has stated that the recent uptrend in Bitcoin (BTC) is showing strong momentum and the indicators point to the potential for even higher gains. The analyst
Bitcoin Shows Signs of a Parabolic Rally
The anonymous crypto analyst known as TechDev in the crypto world has suggested to his followers on social media platform X that Bitcoin‘s current price action is indicative of further upward movement. TechDev highlighted the rise of Bitcoin above its 2×350 Day Moving Average (DMA), the Moving Average Convergence Divergence (MACD) indicator turning green on the two-month chart, and the consolidation around the all-time high of $73,750 as signs of an impending rally.
All these factors observed by TechDev tend to coincide historically with parabolic rallies in Bitcoin’s price trajectory. The analyst added that such consolidations, where previous all-time highs and key moving averages intersect, typically precede significant upward price movements and often end with the crossing of specific moving averages like the 111 DMA with the 2×350 DMA.
Overall, the analyst’s analysis points to significant parallels between Bitcoin’s current price action and previous bullish cycles, indicating the potential for further upward movement.
Emphasis on Global Liquidity Cycle
Contrary to the traditional narrative surrounding Bitcoin’s market cycles, TechDev added that the largest cryptocurrency‘s price movements might be more closely related to global liquidity cycles than to the block reward halving, which occurs approximately every four years and reduces the mining reward in BTC by 50 percent.
Examining long-term charts that show Bitcoin’s performance alongside global liquidity benchmarks and the balance sheets of major central banks, the analyst noted that the current uptrend could be driven by global liquidity trends rather than dynamics specific to the block reward halving.
TechDev underscored a notable difference in the current cycle compared to previous market cycles, pointing out that the current rally is the first time Bitcoin’s ATH level has been reached before a block reward halving.
