The post TechDev: Bitcoin is Forming a “Fake Bearish Pattern” Amid Bullish Cyclical Trends appeared on BitcoinEthereumNews.com.

TechDev cryptocurrency analyst, Bitcoin is currently forming what he describes as a “bear trap pattern,” despite widespread fear in the market. As reported by DailyHodl, TechDev, who boasts a following of approximately 467,000 on social media, suggested that Bitcoin’s current price action is misleading bears into believing that a downturn is imminent. However, he points to underlying market factors, such as weak Tether (USDT) dominance, as signs that Bitcoin is gearing up for a major bullish move. Drawing parallels to the Nikkei index in the 1990s, TechDev forecasts that Bitcoin could potentially reach $760,000 by 2028-2029. TechDev’s analysis emphasizes that the current market fear, driven by expectations that Bitcoin could drop to $48,000, is part of a common cyclical pattern seen across various markets, including cryptocurrencies. He explained that weak Tether dominance indicates that USDT will likely be traded in large quantities for other cryptocurrencies, potentially driving up their prices, including Bitcoin. According to TechDev, Bitcoin’s market behavior reflects a broader bullish trend, despite the current negative sentiment from investors. Tether Dominance and Its Impact on Bitcoin Prices Tether dominance refers to the market share of USDT in relation to the total cryptocurrency market. When Tether dominance is low, it often suggests that traders are moving out of stablecoins like USDT and into riskier assets like Bitcoin and other cryptocurrencies. TechDev highlighted that the current weakness in Tether dominance signals a shift in sentiment, where large quantities of USDT may be exchanged for Bitcoin, driving up its price. The relationship between stablecoins and the broader cryptocurrency market is significant, as increased demand for Bitcoin and other assets typically occurs when investors are confident in upward price movements. TechDev suggests that the current weakness in Tether’s market cap share could act as a bullish signal for Bitcoin, setting the stage for…

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Filed under: News - @ September 9, 2024 1:32 am