Bitcoin just sent a signal that hasn’t been seen since the explosive rallies of the 2017 bull market, according to a well-known crypto strategist. TechDev, an analyst with a large following on social media, revealed that the Bitcoin versus M1 money supply chart recently broke through the resistance of the exponential moving average Bollinger Bands on the monthly chart. This is reminiscent of the pattern observed in the early months of 2017, when Bitcoin saw gains of over 2,600% in less than a year. TechDev believes that this breakout suggests that traders and investors are underestimating Bitcoin’s potential in the current market cycle. He suggests that comparisons and projections for 2021 may be greatly underestimating the cryptocurrency’s performance, especially considering the increase in M1 money supply. TechDev even goes as far as predicting that Bitcoin could reach over $400,000 in less than a year if it follows a similar trajectory to the 2017 bull market. Currently, Bitcoin is trading at $67,844.
