Crypto Analyst Predicts Incoming Bitcoin Parabolic Rally, Says BTC at Point Where Things Get Exciting
An analyst who continues to build a following with macro crypto calls believes Bitcoin (BTC) is almost ready to enter the parabolic stage of its market cycle.
Pseudonymous analyst TechDev tells his 490,300 followers on the social media platform X that Bitcoin is flashing technical signals that preceded steep rallies in the past.
The trader shares a chart suggesting that Bitcoin has breached the upper range of its Bollinger Bands in the two-month time frame after spending about two years recovering from a bear market bottom.
Traders use Bollinger Bands to identify potential periods of volatility expansion and determine whether an asset is overbought or oversold.
TechDev’s chart also suggests that the two signals were present during the 2016 and 2020 market cycles – just before BTC ignited parabolic surges.
“This is where things have gotten exciting.”
Source: TechDev/X
Looking at BTC from a different perspective, TechDev says Bitcoin is in the early stages of a parabolic ascent based on the crypto king’s logarithmic moving average convergence divergence (LMACD) indicator. The LMACD indicator is designed to reveal changes in an asset’s trend, strength and momentum.
“Paying attention to the high time frames (HTFs) offers the best chance to trade the cycles.
$30,000 was not the top, because HTF expansion had not ended.
$50,000 was not the top, because HTF expansion had not ended.
$70,000 was not the top, because HTF expansion had not ended.
$90,000 was not the top, because HTF expansion had not ended.
And HTF expansion still has not ended.”
Source: TechDev/X
Based on the trader’s chart, he seems to suggest that Bitcoin will not witness a cycle top until the LMACD on the two-month chart hits its resistance at 0.12. BTC’s LMACD appears to be currently hovering at 0.04.
At time of writing, Bitcoin is trading for $97,274.
Generated Image: Midjourney
