An expert in the field of cryptocurrency analysis has recently revealed that a key indicator for Bitcoin is showing positive signs, despite a recent drop in value. TechDev, a well-known analyst in the crypto community, shared his findings with his large following on social media platform X. According to TechDev, the indicator suggests that Bitcoin may soon experience a significant surge in value.
The indicator in question is known as the Gaussian channel, which is used to identify momentum in the market. By examining a two-week chart, TechDev points out that Bitcoin is currently displaying a pattern that is reminiscent of a similar pattern in 2017, which ultimately led to a major rally in the cryptocurrency.
In addition to the Gaussian channel, TechDev also explores the Chaikin Money Flow (CMF), another metric used to measure the accumulation and distribution of cryptocurrency over a specific period. According to TechDev’s analysis, Bitcoin is currently above the bullish line on the four-week chart for the fourth time. This is significant because in the past, when Bitcoin has been above this line, it has been a precursor to parabolic moves in the market.
To support his claims, TechDev shares a chart that shows Bitcoin’s position above the bullish line in late 2016, early 2013, and early 2011, all of which preceded significant increases in value for the cryptocurrency. In fact, TechDev states that this is the first time since 2017 that this particular money flow signal has occurred, further highlighting its significance.
In terms of current market value, Bitcoin is currently trading at $60,586, representing a 4.6% decrease in the last 24 hours. However, TechDev’s analysis suggests that this dip may be temporary, and that Bitcoin could soon experience another upward trend.
As always, it’s important for investors to conduct their own research and exercise caution when making high-risk investments in Bitcoin or any other cryptocurrency. The cryptocurrency market is highly volatile, and there is always a risk of losing money. The Daily Hodl, where this article was originally published, does not provide investment advice and encourages readers to make informed decisions.
