Historical data may not always reveal the future of cryptocurrencies, yet investors frequently position themselves based on this trajectory. The more these patterns have repeated in the past, the more likely we are to see them again in the future. The extent to which a significant portion of investors believes in and acts according to the same strategy is also crucial. A popular crypto currency analyst touched on important details for Bitcoin.
Crypto Strategist’s Predictions
Crypto investors closely follow analysts like TechDev, who made significant market predictions yesterday. An anonymous crypto strategist followed by nearly half a million investors points out a detail in Bitcoin’s two-month chart. According to him, surprisingly, BTC’s price might experience a notable rise.
In 2020, Bitcoin’s price jumped from $13,000 to over $29,000 in just two months. This 120% increase should serve as an example for growth in the first quarter of 2024, but the analyst says;
“Bitcoin’s two-month candle, right after reaching maximum compression, is at its highest point.
RSI (Relative Strength Index) is about to break 70.
These conditions have led to the last three parabolic surges. I think the next two-month candle will be as long as November 2020.”
Will Bitcoin (BTC) Rise?
Will the event that triggered the parabolic price increase in November 2020 happen again? It’s hard to be sure, but it’s difficult for investors to be convinced of a rise without seeing closures above $69,500 and $71,300. In this environment, where $67,000 has become an insurmountable resistance for BTC, TechDev’s prediction doesn’t sound very convincing yet.
BBW hit rock bottom during the same three instances and confirmed the rise mentioned in the first section, so the analyst is confident that a price crash will not occur.
“Please pay attention to the crash story that many have feared over the last eight months.”
While TechDev appears overly optimistic, another anonymous analyst, DonAlt, does not share the same sentiment. The name who correctly predicted the 2022 bottom believes that $60,000, now heavily tested, has become a defensive level.
“We are back to the same old level. The more it is tested, the more likely it is to break. I think even the bulls will want to go below this level at this point. Until proven otherwise (like regaining $68,000 or losing and regaining the range).”
