A widely followed crypto analyst, bitcoinHe noted that there is likely a technical catalyst that could lead to a long-awaited parabolic rally.
In a discussion with Benjamin Cowen, the analyst, known by the pseudonym TechDev, BTCHe drew a picture in which ‘ gave clues about when to enter the six-digit region.
TechDev uses a pattern that combines logarithmic growth curves with Fibonacci levels and places them on top of a long-term Bitcoin chart with biweekly candles.
Bitcoin thinks it tends to become parabolic once it crosses the 1.618 Fibonacci level, which also coincides with the middle logarithmic band.
“At the moment, nothing seems amiss to me regarding the health of the market. As of today, we are at what I would call the key intersection between this middle curve of the “log regression band”, this 50% Fibonacci curve of this band, and this 1.618 level. If we can close a 2-week candle above this, I expect some explosive price upwards and I’m excited to see where that takes us.”
TechDev also noted that the 2.72 Fibonacci level, which Bitcoin says is in an uptrend, did not coincide with the top of its channel until late 2022. While he wasn’t yet convinced that the crypto bull cycle would stretch that far, he still said: “BTC rising somewhere in this timeframe matches what he sees on the chart.”
“I still have a hard time seeing right now if we can get to the second half of next year, but that will be the point where the two goals will meet and allow us to meet both conditions, so this is how I look.” We seem to be at a very critical point where a strong two-week close above this level could mean some big runs for Bitcoin.”
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