Despite the relentless downtrend, a closely watched crypto analyst said, Bitcoin (BTC) He thinks that a long-term rally in price is possible.
The pseudonymous analyst known as TechDev has tracked Bitcoin’s historical price action so far. viewed. The analyst said that in this historical period, he has seen four main rises on an increasingly long basis.
Koinfinans.com As we reported, according to TechDev, Bitcoin has slumped after its all-time high of $69,000, but it could move into the $400,000 range in the next few years. At this point, according to the analyst, BTC may be retesting the support we encounter in a multi-year process.
TechDev also uses the Chaiken Money Flow indicator as part of its analysis, which records the volume-weighted average accumulation and distribution over a given period.
“Bitcoin curves.”
Besides, TechDev says some traders may be very narrow-minded when it comes to the possibility of a “super-cycle” in Bitcoin (BTC):
“There was a lot of talk of ‘super-cycles’ in 2020-21. Much less now.
This is an arbitrary definition used and still far from being verified… but what did people expect a giant multi-year parabola of higher higs and higher lows to look like?”
Looking at the altcoin market other than Bitcoin, TechDev states that the current market structure reminds us of the consolidation phase before the 2016 and 2017 bull run. told.
“Altcoin market structure observations. Familiar but slower. […] Invest responsibly according to your own timeframe and risk tolerance. There are no guarantees.”
You can follow the current price action here.
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.