A popular crypto analyst says that Bitcoin’s (BTC) price action is forming a historic pattern that has preceded quick and big moves to the upside.
Pseudonymous analyst TechDev tells his 413,900 Twitter followers that Bitcoin is on the edge of surging, either like early 2016 or late 2020.
He shares a chart suggesting that BTC has broken out of a diagonal resistance, retested horizontal support, and is now potentially en route to an upward impulse, similar to other cycles.
“Bitcoin sure looks to be building a macro parabola.
Question is whether this one will be steeper like late 2020, or shallower like early 2016.
Not a bad position for macro investors.”
TechDev says that Bitcoin has flipped a previous price impulse to support amid a strong bounce off the 20 and 50 exponential moving averages. He compares it to a move made by the Nasdaq in 2010.
“Bitcoin’s impulse out of an expanded flat: #6 flipped #4 to support with a multi-engulfing candle off the 20 and 50 EMAs as the former crossed above the latter.”
The analyst also highlights the 20-week and the 50-week moving averages (MAs), which he points out have printed a bullish crossover for the first time ever.
“Today, Bitcoin’s 20-week MA crossed above its 200-week for the first time ever.
Could mean nothing. Just worth noting.”
Bitcoin is trading for $30,439 at time of writing, down 1.9% during the last 24 hours.
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Featured Image: Shutterstock/WhiteBarbie/Mia Stendal
