Bitcoin (BTC) is poised for a significant surge, according to a well-respected analyst. TechDev, a popular crypto strategist, shared his prediction with his large following on the social media platform X. He believes that the current conditions on Bitcoin’s two-month chart indicate that the cryptocurrency is on the verge of a major price explosion. TechDev forecasts that BTC will rally by more than 120%, similar to the surge it experienced in late 2020 when it jumped from around $13,000 to over $29,000 in just two months.
TechDev points to Bitcoin’s historical parabolic surges in 2013, 2016, and 2020, which coincided with the relative strength index (RSI) surpassing the bullish 70 level. He also highlights that the Bollinger Bands Width (BBW), a volatility indicator for Bitcoin, reached its lowest point during these surges, indicating that the cryptocurrency was preparing for a significant price increase. Given that Bitcoin is currently exhibiting the same conditions, TechDev believes that a price collapse is unlikely. He urges investors to consider the numerous “pullbacks/crashes/dumps” that have occurred over the past eight months and not to be overly concerned.
While TechDev is optimistic about Bitcoin’s prospects, another crypto analyst, DonAlt, holds a more cautious view. DonAlt, who accurately predicted the bottom for Bitcoin in 2022, warns that the support level at $60,000 is becoming increasingly vulnerable after multiple tests. He suggests that even bullish investors may prefer to see the price dip below this level to create a “washout” before considering further upward movement. DonAlt advises caution until Bitcoin reclaims $68,000 or until the current price range is broken and then reclaimed.
As of writing, Bitcoin is valued at $63,524. It remains to be seen whether TechDev’s prediction of a parabolic surge or DonAlt’s concerns about support levels will come to fruition. Investors are reminded to conduct thorough research and exercise caution before making any high-risk investments in Bitcoin or other cryptocurrencies.
