A closely-followed crypto analyst thinks that Bitcoin (BTC) may be on the rise, reflecting past rallies and making big gains.
TechDev The analyst, known by the alias, claimed on his 183,000-follower Twitter account that BTC’s current techniques are very similar to the structure in the late 2020 era, when the BTC price consolidated below $20,000 before skyrocketing to $64,000.
“The last time we went through this cycle, BTC tried to break a new record…
Bitcoin (BTC) before an upside break Stoch RSI (stochastic relative strength index) maxed out and continued to consolidate at lower levels for 3-4 weeks.
While it is comforting, this sense of decline is confusing on the one hand.”
While the RSI model measures the speed and rate of change in price movements, the stochastic RSI is a model that evaluates such data over a period of time.
Comparing the Bitcoin charts in 2013, 2017 and 2021, the analyst also drew attention to different aspects. According to TechDev, Bitcoin (BTC) currently continues to move above the ‘historically’ significant 1.618 Fibonacci extension level. During the 2013 and 2017 bull cycles, Bitcoin experienced a ‘parabolic rally’ after breaking out of the 1.618 Fibonacci area.
While the analyst shared these views, Bitcoin (BTC) was trading around $ 62,300, but it has now declined to $ 60,400.
Techdev highlighted four separate biweekly indicators in four BTC bull runs to indicate when it will go bearish.
“As these two-week indicators approach critical zones, you will see Bitcoin turn bearish as well.”
The RVI is a model that describes the relative vitality index and measures the final level of ‘belief’ about a particular asset. A vortex indicator (VI) evaluates the start of a new trend or the ‘momentum’ within an existing trend.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.