Crypto Analyst Predicts Parabolic Bitcoin Rally, Updates Massive BTC Price Target for 2022
A well-liked crypto strategist and dealer is predicting {that a} parabolic rally is in retailer for Bitcoin (BTC) within the coming months as he unveils his big value goal for BTC this yr.
Pseudonymous analyst TechDev tells his 363,500 Twitter followers that he’s trying on the inverted chart of Bitcoin and says that BTC is in a long-term uptrend.
TechDev’s bullish thesis is predicated on the concept Bitcoin continues to respect the 20-month transferring common (MA) as assist.
“Bitcoin continues to reject off the 20-month MA in a transparent multi-year downtrend of decrease highs and decrease lows.
One other dump doesn’t appear far-off.”
Merchants typically invert charts to get a unique perspective and see whether or not the inverted value motion nonetheless helps their thesis. In Bitcoin’s case, TechDev says BTC will rally after hitting the 20-month MA similar to it did in 2019 to 2020.
Trying on the weekly chart, the crypto analyst says he’s ready for Bitcoin to maneuver above the 50-week transferring common to probably ignite a parabolic run.
“Evaluating weekly BTC candles with related prints, at related distances from the 50MA, at related RSI [relative strength index] ranges.
Looking forward to comply with via.”
Primarily based on TechDev’s chart, Bitcoin’s relative power indicator (RSI), a momentum indicator, managed to reclaim assist at $45,000 in April 2020. The rise in momentum preceded Bitcoin’s transfer above the 50-week transferring common, which finally launched BTC right into a steep value climb.
TechDev seems to be trying on the identical confluence of occasions to sign the following BTC surge.
The crypto analyst can be trying on the 11-year historical past of BTC’s value rises. Based on TechDev, Bitcoin can probably rally to $160,000 earlier than the top of the yr primarily based on BTC’s tendency to high out at 4 customary deviations from the 50-week exponential transferring common.
“Bitcoin impulse patterns.”
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