A widely followed crypto analyst says Bitcoin (BTC) is entering an “explosive” phase as the king crypto’s long-term metrics turn around.
In a new thread, pseudonymous crypto strategist TechDev tells According to his 420,200 followers on the social media platform
“Every 3 to 3.5 years, this signal says the next few months will be explosive for Bitcoin.”
TechDev’s chart indicates that as China’s 10-year bond yields move lower against the US Dollar Index, Bitcoin’s price should rise.
According to TechDev, other long-term signals such as the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) assign that BTC is on the verge of a breakout.
The crypto trader then points to BTC’s breakouts against the NASDAQ over the years, noting that investors don’t want to miss the king crypto breaking out 10 degrees against the stock market.
In September, TechDev said Bitcoin has checked the three key requirements to spark an upside rally. According to the trader, three specific signals appeared each of the last four times BTC rose to new all-time highs.
“The three-pronged signal that preceded each of Bitcoin’s four ATH setting runs:
- Break above the 20-month moving average
- Monthly MACD bullcross
- Monthly Vortex Bull Cross
From a global liquidity proxy that fluctuates on a cycle of ~3.5 years.
And also has a log growth trajectory.”
Bitcoin is trading at $34,271 at the time of writing, up fractionally over the past 24 hours.
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Generated image: Midjourney