An anonymous crypto expert has revealed his predictions for Bitcoin’s price in the current bull market, comparing it to previous cycles. Going by the name TechDev, the analyst recently shared a chart on the social media platform X, showing the similarities between Bitcoin’s current market cycle and that of 2020-2021. Utilizing the Elliott Wave theory, which suggests that assets go through five bullish impulses, TechDev speculates that BTC is currently in its final bullish move, which could potentially push its price to nearly six-figures later this year. He states, “The impulsive structure of the last 1.5 years says $90,000-$100,000 is next. BTC.”
TechDev also points out that Bitcoin’s relative strength index (RSI), a popular momentum indicator, has cooled off, indicating the possibility of another significant upside move for BTC. The analyst previously predicted that Bitcoin would rally by more than 120%, similar to the surge it experienced in late 2020 when its price skyrocketed from around $13,000 to over $29,000 in just two months. According to TechDev, the current conditions, including the two-month candle being right on the candle body high and RSI about to break 70, resemble those that led to the previous three parabolic accelerations. He expects the next two-month candle to be as tall as the one in November 2020.
As of writing, Bitcoin is trading at $63,330. It is important to note that the opinions expressed by TechDev and reported by The Daily Hodl are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl also emphasizes that any transfers or trades made are at the individual’s own risk, and any resulting losses are their responsibility. The publication does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it serve as an investment advisor.
