A closely followed crypto analyst and trader is updating his big price prediction for Bitcoin (BTC) in 2022.
The pseudonymous analyst known as TechDev was previously expecting a huge blow-off top for Bitcoin in late 2021 or early 2022, but now, he tells his 323,000 Twitter followers that a cycle top for BTC is coming at some point this year.
Using two-week candles on a chart that incorporates logarithmic growth curves and Fibonacci levels, TechDev says that a close above the middle level will likely act as the trigger to send Bitcoin on a parabolic rally above the $200,000 mark.
“After more research, I’ve come to believe this next (possibly final) impulse will come after a two-week close over the cycle 1.618, as they always have.
If this happens, it may provide a timeline estimate, but it honestly does not matter, and I don’t plan to focus on it.”
While the analyst still takes halving-based cycles into account with Bitcoin, he doesn’t have an exact timeline for when Bitcoin peaks. According to TechDev, BTC will follow previous cycles by launching off the 1.472 Fibonacci level – currently around $48,000 – into a final leg that extends well into the six figures.
“Some believe the cycle already ended, some believe it tops in Q1, some later, some never.
I believe in data-based probability with invalidation points, which to me suggests the top is not in, but it will be this year.”
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Featured Image: Shutterstock/Tithi Luadthong