Bitcoin’s (BTC) current market structure bears a striking resemblance to its 2017 bull run, just before it skyrocketed by 1,200% to its previous all-time high of $20,000, according to renowned crypto analyst TechDev. Sharing a chart with his 450,000 followers on the social media platform X, the pseudonymous analyst highlights the similarities between the two market cycles. Both bear markets hit their lowest point following the crash of two major crypto exchanges, followed by subsequent rallies and consolidation phases. TechDev’s chart suggests that BTC is currently in a consolidation phase similar to 2017 when it was trading around $1,500 before its parabolic rise to $20,000. Presently, Bitcoin is valued at $67,060. The analyst also examines Bitcoin’s relative strength index (RSI), which historically indicates the asset’s peak when it reaches the top of a long-term channel, a milestone that has not yet occurred. TechDev advises investors to take advantage of the current positive market conditions. Additionally, TechDev analyzes the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10 and stablecoins. The analyst looks at the chart’s stochastic RSI, moving average convergence divergence (MACD), and logarithmic Bollinger Band indicator. According to TechDev, the OTHERS chart has reached a “max compression” zone, indicating an imminent significant upward movement. The analyst also notes that this setup coincides with the return of “Roaring Kitty,” the leader of the movement that drove up the price of Gamestop (GME) earlier this year. TechDev views this convergence as highly significant and suggests that it is not a mere coincidence. It’s important to note that the opinions expressed by The Daily Hodl are not investment advice, and investors should conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets.
