A widely followed crypto strategist says that Bitcoin (BTC) is likely setting the stage for a steep rally in the coming months as the crypto king shadows a parabolic rally witnessed nearly a decade ago.
Pseudonymous analyst TechDev tells his 409,100 Twitter followers that multiple technical indicators suggest that Bitcoin could be mimicking its 2015 bull market, a cycle that saw BTC rally from less than $200 to $20,000 in about two years.
The crypto analyst shares two charts that show how BTC has been following the 2015 cycle over the last year and a half.
“Early stage of a Bitcoin parabola, following a 1.5-year correction.”
Looking at TechDev’s charts, it appears that BTC has taken out a diagonal resistance that kept Bitcoin bearish in 2022 and retested it as support, which is strikingly similar to the leading digital asset’s price action in 2014 and early 2015.
The analyst’s charts also show similarities in the movements of two technical indicators: the relative strength index (RSI), which is a momentum indicator, and the moving average convergence divergence (MACD), a trend-following indicator.
According to the charts, Bitcoin’s weekly RSI has recently broken out of the bullish 60 zone after flashing a bullish divergence, reminiscent of its movement about eight years ago.
Meanwhile, the MACD is flashing a bullish cross on BTC’s weekly chart, which is another signal witnessed in the early stages of the 2015 bull market.
TechDev is not the only analyst who believes that BTC could print exponential gains in the coming months. Pseudonymous analyst Credible thinks that BTC could hit $130,000 before the end of the year.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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