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COINTURK NEWS > Bitcoin (BTC) > TechDev Predicts Bitcoin’s Massive Bear Trap
Bitcoin (BTC)

TechDev Predicts Bitcoin’s Massive Bear Trap

In Brief

  • TechDev suggests Bitcoin is in a massive bear trap stage.

  • Stablecoins will soon be exchanged for digital assets, increasing prices.

  • Bitcoin could reach $760,000 by 2028-2029, followed by a multi-year bear market.

COINTURK NEWS
COINTURK NEWS 9 months ago
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The pseudonymous crypto analyst TechDev suggests that Bitcoin $104,760 and digital assets are in the midst of a massive bear trap. TechDev, in a chart shared with his 467,000 followers on social media platform X, indicates that Bitcoin’s market cycles consist of a series of stages starting with “accumulation” and ending with a bull trap.

Contents
Bitcoin’s Cycle StagesStablecoins SituationBitcoin and Nikkei 225 Comparison

Bitcoin’s Cycle Stages

According to TechDev, Bitcoin is currently in the “bear trap” stage. This stage precedes the “renewed optimism,” “FOMO” (fear of missing out), and “euphoria” stages. Afterward, it peaks and enters a bull trap.

“Clearly, there is extreme fear in the market. For the past two weeks, the comments at $25,000 from those doom-posting were filled with ‘told you’ remarks as we retested levels and reached $48,000. At the same time, during a period when global macro conditions point upwards, this just sounds like noise to me.”

Stablecoins Situation

The analyst also believes that USDT dominance in crypto markets is declining and that stablecoins will soon be exchanged on a large scale for other digital assets, which will increase prices.

Bitcoin and Nikkei 225 Comparison

TechDev compared Bitcoin’s historical price movements with Japan’s largest stock index, the Nikkei 225. Based on TechDev’s charts, Bitcoin could rise to $760,000 between 2028 and 2029 and then experience a multi-year bear market.

“This is usually the case in most speculative markets, but the last two years have reflected this more in the crypto market than at other times – the price does not rise until everyone is filled with fear. This was the case at $15,000 after the FTX collapse, $20,000 after regional banks’ failures, $38,000 after the ETF drop, and now as well.”

Last month, TechDev expressed optimism about the recent drop in the crypto market. He predicted that the market would rise along with current global cycles.

At the time of writing, Bitcoin’s value is $54,435, showing a slight increase during the day.

According to TechDev’s analysis, Bitcoin is currently in a bear trap stage. He believes stablecoins will soon be exchanged on a large scale for digital assets, increasing prices. Bitcoin could reach $760,000 in 2028-2029 and then experience a multi-year bear market.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 8 September, 2024 - 7:11 pm 8 September, 2024 - 7:11 pm
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