Through a retrospective analysis of Bitcoin’s market price movement over a two-month period, TechDev believes that there is a high likelihood of the cryptocurrency’s price soaring by almost 120%. This mirrors the situation at the end of 2020 when BTC surged from $13,000 to over $29,000 within just two months.
“Bitcoin’s two-month candle is currently at the peak of the candle body, close to maximum compression. Simultaneously, the relative strength index (RSI) is on the verge of surpassing the 70-point mark. It’s worth noting that similar conditions in the past have preceded the last three parabolic accelerations. My speculation is that the next two-month candle will be equally remarkable, just like in November 2020,” TechDev tweeted at X.
The current market value of Bitcoin stands at $62,434, with minimal fluctuations over the past 24 hours.
While TechDev remains optimistic about Bitcoin’s potential for another parabolic surge, analyst Rob Ginsberg from Wolfe Research holds a different view.
According to Ginsberg, Bitcoin’s inability to surpass the $70,000 mark mirrors the behavioral patterns of small-cap company assets. Consequently, he believes that Bitcoin’s chances of experiencing significant growth in the immediate future are limited.