A closely followed crypto analyst thinks that the price of Bitcoin, along with stocks, is ready to rise.
Known for his long-term technical analysis and using the nickname TechDev, the analyst told his 399,000 Twitter followers that Bitcoin (BTC) and stocks are in an uptrend that he thinks will continue into 2023. told.
“When stocks go up, Bitcoin goes up too.
And I expect the steepest stock rise in the last 40 years to last until 2023.
What follows is potentially a big test for Bitcoin and crypto.
This is of course my opinion.”
According to TechDev, technical analysis of BTC reveals that after a rally next year, a correction and then another bull run to 2025 is possible.
“The graph of free from outside influences reveals the argument of running to 2023 + horizontal correction 2023-2024 + running to 2025.
But even the potential of the long-term stock peak of 2023 will allow me to watch without interference to see how much of a correction we are in in 2024.”
TechDev adds that a historically accurate bottom signal is flashing for Bitcoin. The analyst points out that while the NASDAQ bounced off the 200-week exponential moving average (EMA), the True Strength Index made an upward cross. As the analyst noted, this formation has been a great opportunity for BTC bulls in the past. (The Real Strength Index is a variation of the Relative Strength Index (RSI).)
“The first weekly Real Power crossover after leaping from NASDAQ’s 200W EMA marked some good Bitcoin entries over the past 12 years.”
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.