A closely followed crypto analyst, Bitcoin (BTC) thinks investors shouldn’t be alarmed by the ongoing geopolitical tensions because the charts may tell a very different story than geopolitical issues.
The analyst, known by the pseudonym TechDev, on his Twitter account with more than 360,000 followers, thinks that following mainstream ideas is not quite right while macroeconomic and geopolitical factors point to uncertainty in the markets.
“Yes, I understand, geopolitical issues and macroeconomic conditions are not looking good. There is a bit of a ‘hell’ atmosphere in the markets. If we look at the mainstream view, ‘it’s all over’. Those who oppose these views do not seem to be able to get their heads out of the sand. Yes, we’re emotional right now, but the charts tell me we’re aiming for much higher levels. I think so too, especially since you don’t believe it!”
Bitcoin bull runSupporting his thesis by pointing out a few indicators that point to a looming point, the analyst compares the relative strength index (RSI), a momentum indicator, as well as the dormant stream showing the activity of legacy coins and the market value of stablecoins to BTC, to calculate a stablecoin supply ratio (SSR). He stated that he looked at other criteria, including
According to the crypto analyst, these technical indicators suggest that Bitcoin is probably at the end of a year-long correction period.
“Why Bitcoin hasn’t shown any impetus since early 2021:
+ Wave symmetry
+ Decreased volume
+ Blue tops at low price since then
+ Corrective RSI
+ Downstream of dormancy + near the bottom
+ SSR Oscillator down + near bottom
We are finishing a year + fix, those who claim to have just started are wrong!”
Taking a closer look at the SSR data, the analyst reiterates that Bitcoin has reached a level that strongly suggests it has bottomed out and is poised for further rallies.
“The impulses and corrections of this Bitcoin cycle as visualized by the Stablecoin Supply Ratio Oscillator. Ready for the next wave.”
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.