Bitcoin Could Witness Repeat of November 2020 Parabolic Rally Amid Max Price Compression, Says Analyst

Bitcoin is being predicted to experience a repeat of its parabolic rally in November 2020 by an analyst, despite its recent stagnant price movement. TechDev, a well-known pseudonymous crypto strategist, believes that the current conditions on Bitcoin’s two-month chart indicate that the cryptocurrency is on the verge of a significant surge. TechDev suggests that BTC could rally by over 120%, similar to its previous performance, when it skyrocketed from around $13,000 to over $29,000 in just two months. The analyst points out that the relative strength index (RSI) and Bollinger Bands Width (BBW) indicate that Bitcoin is preparing for a major price explosion, making a price collapse unlikely. However, fellow analyst DonAlt expresses a more cautious viewpoint, stating that BTC’s support at $60,000 appears vulnerable and may break after being tested multiple times. At present, Bitcoin is valued at $63,524.