Bitcoin Now Entering ‘Explosive’ Phase As Several Long Term Indicators Flip Bullish for BTC: Crypto Analyst
A widely followed crypto analyst says that Bitcoin (BTC) is entering an “explosive” phase as the king crypto’s long-term metrics reverse course.
In a new thread, pseudonymous crypto strategist TechDev tells his 420,200 followers on the social media platform X that one signal comes around every 3-3.5 years which points to “several months” of growth for the top crypto asset by market cap.
“Every 3 to 3.5 years, this signal says the next several months will be explosive for Bitcoin.”
Source: TechDev/X
TechDev’s chart indicates that as China’s 10-year yield on its bond goes lower against the US Dollar Index, Bitcoin’s price should rise.
According to TechDev, other long-term signals such as the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicate that BTC is on the cusp of a breakout.
Source: TechDev/X
The crypto trader then points to BTC’s breakouts against the NASDAQ over the years, noting that investors don’t want to miss out on the king crypto breaking out 10 degrees against the stock exchange.
Source: TechDev/X
In September, TechDev said that Bitcoin checked the three main requirements to kick off a rally to the upside. According to the trader, each of the last four times BTC surged to new all-time highs, three specific signals were displayed.
“The three-prong signal which preceded each of Bitcoin’s four ATH-setting runs:
Break above the 20-month moving average
Monthly MACD bull cross
Monthly Vortex bull cross
Of a global liquidity proxy that oscillates with a ~3.5 year cycle.
And also has a log growth trajectory.”
Bitcoin is trading for $34,271 at time of writing, a fractional increase during the last 24 hours.
Generated Image: Midjourney
The post Bitcoin Now Entering ‘Explosive’ Phase As Several Long Term Indicators Flip Bullish for BTC: Crypto Analyst appeared first on Crypto News Australia.
Filed under: Bitcoin - @ November 2, 2023 8:24 pm