Bitcoin Flashing Signal That Preceded Nine-Month Parabolic Rally, According to Crypto Strategist

Bitcoin’s recent price action is signaling a potential rally similar to the one witnessed during the 2017 bull market, according to an analysis by a well-known crypto strategist. TechDev, the pseudonymous analyst, points to the Bitcoin versus M1 money supply chart, which recently broke the resistance of the exponential moving average Bollinger Bands on the monthly chart. TechDev explains that a similar breakout occurred in early 2017 before Bitcoin skyrocketed by more than 2,600% in less than a year. The M1 money supply measures the liquidity in the US financial system, and the signal suggests that traders and investors may be underestimating Bitcoin’s upside potential in this market cycle. TechDev believes that if Bitcoin follows the trajectory of the 2017 bull market, it could surge to over $400,000 in less than a year. Currently, Bitcoin is trading at $67,844.