An analyst who has made a name for himself in the cryptocurrency world in recent years has put forward an interesting thesis that Bitcoin’s future price movements may imitate the past performance of Amazon shares. Analyst TechDev found similarities by comparing Bitcoin’s last three-year price chart with the performance of Amazon shares in 2010 and 2011, and that these similarities can be used to predict a possible future price trend. defended. Here are the details…
According to TechDev’s analysis, both Bitcoin and Amazon shares have witnessed double top formations in the past. Both assets experienced sharp corrections following these double top formations, but what is notable is that both assets reached previous all-time highs following these corrections. The chart for Amazon stock shows that after this move, the price experienced a sudden parabolic rise to all-time highs with little or no decline.
The analyst claims that this similarity can create a model to predict Bitcoin’s future price movement.
“That’s when AMZN retested the previous all-time high with an extended sideways correction.
NEWS CONTINUES BELOW
Just like BTC does.
Then here is a review of the structural similarities of both apartments.
NEWS CONTINUES BELOWThe green line is where BTC has moved since the chart was created.
If you can put aside the herd narrative regarding the halving, a quick move to new highs from here would not be unusual for extended sideways retests of a previous ATH.
It’s not a guarantee. The possibility of retesting $32,000 is still on the table. But I wouldn’t be surprised if we reach new heights from here.”
The analyst had previously taken into consideration Bitcoin’s Vortex Indicator (VI), which is designed to detect trend reversals and confirm current trends. TechDev shared a monthly BTC chart showing that VI has an almost perfect performance in signaling bull markets. He considered VI’s upward trend as a “parabolic bullish signal” for Bitcoin.
“Bitcoin Parabolic Signal.”
You can follow the current price movement here.