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August 9, 2022

Technical Analyst Predicts Big Run for Stocks, Bitcoin (BTC) and Crypto – Here’s His Timeline

By Daily Hodl Staff

A closely followed crypto analyst says that equities and crypto markets are set to rally in tandem on another upcoming leg up for risk-on assets.

The pseudonymous analyst known as TechDev, known for longer-term technical analysis, tells his 399,000 Twitter followers that Bitcoin (BTC) and the stock market are still in a bullish impulse that he thinks will continue in 2023.

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“When equities run, Bitcoin runs.

And I expect the steepest equities leg of the last 40 years to run into 2023.

After that, potentially a big test for Bitcoin and crypto.

My opinion of course.”

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Source: TechDev/Twitter

According to TechDev, BTC’s technicals are hinting that after a rally into next year, a correction and then yet another bull run into 2025 is in the cards.

“In a vacuum, Bitcoin’s chart makes the argument for a run into 2023 + sideways 2023-2024 correction + run into 2025.

But even the potential of a 2023 secular equities top will have me watching from the sidelines in 2024 to see just what degree of correction we’re in for.”

TechDev adds that a historically accurate bottom signal just flashed for Bitcoin. According to him, the NASDAQ bouncing off its 200-week exponential moving average (EMA) while the True Strength Index does an upward cross has been a prime opportunity for BTC bulls in the past.

The True Strength Index is a variation of the widely used Relative Strength Index (RSI) that aims to measure whether an asset is oversold or overbought.

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“The NASDAQ’s first weekly True Strength cross after bouncing from its 200W EMA has marked some decent Bitcoin entries over the last 12 years.”

Source: TechDev/Twitter

At time of writing, Bitcoin is trading at 23,045, down 3% on the day.

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