Pseudonymous crypto analyst TechDev says Bitcoin (BTC) and digital assets are in the middle of a massive bear trap before the next move higher.
TechDev shares a chart with its 467,000 followers on the social media platform
According to TechDev, BTC is in the ‘bear trap’ phase of the cycle, which precedes ‘renewed optimism’, ‘FOMO’ (fear of missing out) and ‘euphoria’ phases before reaching the top and entering the bull stairs.
The analyst too believes that dominance of USDT in the crypto markets seems bearish, implying that stablecoins will soon be traded en masse for other digital assets, causing prices to rise.
TechDev recently compared Bitcoin’s historical price action to the Nikkei 225, the largest Japanese stock market index.
Based on TechDev’s charts, the trader suggested that Bitcoin could rise to $760,000 sometime between 2028 and 2029 before a multi-year bear market occurs, similar to the Nikkei in the 1990s.
Last month, TechDev noted 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.”
At the time of writing, Bitcoin is worth $54,435, up slightly on the day.
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Generated image: Midjourney