According to a popular crypto analyst, the chart of Bitcoin (BTC) appears to mirror a Japanese stock index.
The pseudonymous trader known as TechDev shares charts with its 465,800 followers on the social media platform Nikkei 225a price-weighted index that tracks 225 leading companies trading on the Tokyo Stock Exchange.
‘I haven’t seen much else.
Log growth cycles existed long before Bitcoin. Various assets. Different decades. Same kind. Without looking at time or price, most would think that the first half of the Nikkei chart is that of Bitcoin. It must have halved every 10 years…
Bitcoin’s latest leg is consistently showing more volatility, but that doesn’t matter to the trend.”
TechDev’s chart suggests Bitcoin could crack $1 million in 2027 before correcting sharply. The highest-ranked crypto asset by market cap is trading at $60,492 at the time of writing.
The analyst too shares a chart comparing BTC to the Nasdaq.
“Confluence for a longer macro stage than many expect. Back to new highs.”
Earlier this month, TechDev noted in a newsletter that he was optimistic about the recent downturn in the crypto market.
“It is clear that there is extreme fear in the market. The past two weeks have been filled with “told you” comments from doomer bears – retesting to the $48,000 level they previously said would never be reached the last time they made a doom post at $25,000.
Exactly what I like to see. The fact that this happened at a time when global macro conditions are favorable makes it little more than two weeks of cheering for me. More like the last six months.
This is usually the case in all speculative markets, but the last two years have reflected this more than any other time in the crypto market: it only goes up when X is completely scared. That was the case at $15,000 after the FTX crash, at $20,000 after regional banks failed, at $38,000 after the brutal post-ETF crash, and now.
What you’ll also remember is how much sentiment can flare up in just a few weeks. I expect it again. Meanwhile, the global cycle continues to point higher.”
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Generated image: DALLE3