bitcoin-price-set-to-double/” rel=”nofollow”>TechDev crypto Analyst has provided insight into the future trajectory of bitcoin. The analyst suggested that the flagship cryptocurrency has not yet reached its full potential in bitcoin-bull-market-glassnode/” rel=”nofollow”>this market cycle and that more price increases are coming for the crypto token.
It's not time for a bitcoin explosion yet
TechDev commented on an x (formerly twitter) x.com/TechDev_52/status/1801018024587047332″ rel=”nofollow”>mail that he bitcoin-top-historical-pattern-provide-hints/” rel=”nofollow”>bitcoin Explosion Stops This will only happen after the four-week Chaikin Money Flow (CMF) breaks a line that was highlighted in the accompanying chart. His analysis suggests that bitcoin is still bound to make a bitcoin-imminent-after-breaking-bearish-ceiling/” rel=”nofollow”>parabolic movement up before experiencing a significant drop.
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Burst highs are a chart pattern that shows the rapid rise in the price of an asset followed by a sharp drop in its price. TechDev's chart showed that something similar happened in the bitcoin-shatters-profit-taking-streak-2021-bull-run/” rel=”nofollow”>previous bull cycleswith bitcoin enjoying a parabolic uptrend for about a year before its price dropped sharply.
Similarly, according to TechDev's chart, bitcoin will once again enjoy a parabolic uptrend between now and sometime in 2025 before peaking in the market and beginning to decline significantly. In other x.com/TechDev_52/status/1800627947642233219″ rel=”nofollow”>x publication, the analyst suggested that the time has almost come for bitcoin to enjoy its next upward leg. As bitcoin-danger-zone-in-2-days-crypto-expert-explains-what-this-means/” rel=”nofollow”>cryptoanalyst Rekt Capital This next bullish move, he stated, will take bitcoin into the “parabolic uptrend” phase of this market cycle.
Interestingly, this bitcoin breakout could happen sooner than expected, and TechDev claims that in 18 days, bitcoin will have a chance to achieve a breakout it has only seen once in its entire history. In a chart he shared, TechDev hinted that bitcoin would rise to as high as $190,000 in this confinement.
It is also worth mentioning that crypto-analyst-bullish-on-ethereum-and-xrp/” rel=”nofollow”>crypto analyst CrediBULL crypto recently foretold that a bitcoin breakout is imminent. He said bitcoin would “absolutely go high” in seven to ten days and rise as high as $100,000 when this move occurs.
bitcoin breakout may still take a while
bitcoin-price-left-danger-zone/” rel=”nofollow”>crypto Analyst Rekt Capital recently stated that bitcoin's exit from this Reaccumulation range It would happen in September 2024 if history repeats itself. The crypto analyst x.com/rektcapital/status/1801298871437373828″ rel=”nofollow”>reclaimed that bitcoin's struggle to break out of this reaccumulation range is “beneficial to the overall cycle.”
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He noted that bitcoin had never broken out so early in the post-halving period. Rekt Capital noted that such an early bitcoin breakout means that this cycle would accelerate and the bull market would be shorter than usual. Therefore he believes that this long consolidation is helping the price of bitcoin resynchronize with historical halving cycles so that the market can experience a “normal and bitcoin-bull-market-glassnode/” rel=”nofollow”>usual confinement.”
At the time of writing, bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
