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Last Fake Crash Before Latest Bitcoin (BTC) Mega Expansion, According to Crypto Analyst – CryptoSaurus appeared on cryptosaurus.tech by CryptoSaurus.
According to one analyst, history suggests that the current Bitcoin (BTC) correction to the downside could be the last fakeout before the crypto king explodes on a new macro bull run.
pseudonym analyst known as techdev says His 417,000 X followers believe that if previous cycles are an indicator of those to come, bitcoin’s recent drop to the $25,000 level could act as the springboard for a new expansion.
“Either the coming months will surprise the market again, or this time is really different.”
The trader is known for tracking global liquidity cycles, which he illustrates by pitting the Chinese 10-Year Bond (CN10Y) against the US Dollar Index (DXY). It appears that TechDev’s chart is using the True Strength Indicator (TSI) to measure the movement of the CN10Y versus the DXY.
The charts from TechDev show that the TSI is moving bullish, a technical reading that has also been present at the start of previous bitcoin bull runs.
TechDev is also basing its analysis on the Supertrend indicator, which generates bullish and bearish signals based on whether the price breaks the previous open or close level during a given period.
He says an optimal scenario would be for bitcoin to reach the two-month supertrend level of around $50,000, represented by the red line on the chart, before testing support at or around $30,000 and then launching into a parabola. .
According to TechDev, this move would enable bitcoin’s two-month chart to drop to the support zone of the Bollinger Band Width (BBW) indicator, a level that signaled the beginning of the 2017 and 2020 bull run.
Traders use the BBW indicator to measure the volatility of an asset.
techdev says,
“Wants to see progress to the 2-month supertrend + retests to meet the 2-month compression.”
The analyst also draws a comparison between now and 2016, where BTC spent several months testing the top of the Gaussian channel as support while consolidating before moving into a clear uptrend.
By comparison, BTC could repeat its 2016 recovery by consolidating just above the Gaussian channel for an extended period of time before reaching all-time highs.
The Gaussian Channel is an indicator that attempts to define the trend of an asset.
techdev says,
“Gaussian channels stay above the center.”
At the time of writing, the value of bitcoin is $26,116.
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