Bitcoin’s (BTC) price has now reached all-time highs (ATH) in the vast majority of countries on earth.
The leading crypto asset’s sudden surge to $64,000 on Monday triggered new highs in the Swedish krona, the Australian dollar, the Canadian dollar, the British pound, the Russian ruble, the Norweigan krone and the Chinese yuan.
[adinserter block="1"]BTC’s price in the US dollar has yet to breach its 2021 milestone of about $69,000.
The pseudonymous analyst TechDev tells his 431,600 followers on the social media platform X that “mania” may now be coming to the crypto markets if past Bitcoin cycles are any indicator of the future.
TechDev is basing his analysis on the supertrend indicator, which generates bull and bear signals based on whether the price breaks previous open or close levels during a given period.
“Bitcoin broke above the seven-week supertrend. Historically, the candles that followed brought mania.”
The analyst is also closely watching the Bollinger bands bandwidth (BBW) indicator, a price volatility gauge. The upper and lower bands widen when volatility declines while the bands contract when volatility is likely to explode.
Says TechDev,
“Two-month BTC Bollinger bands haven’t even started expanding yet.”
Bitcoin is trading for $61,124 at time of writing, up more than 8% in the last 24 hours.
Meanwhile, pseudonymous analyst Kaleo tells his 622,400 followers on the social media platform X that Bitcoin’s latest surge is making him more bullish on altcoins, including Ethereum (ETH) rival Avalanche (AVAX).
“Initially was expecting AVAX to rip to $60-$70 for the next leg up, but with the way Bitcoin has been moving recently I wouldn’t be shocked if we see a move straight to $100+ similar to what SOL did a little while ago. AVAX Has No Chill. Send it.”
Avalanche is trading for $38.42 at time of writing, down slightly in the last 24 hours.
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