The post Is This The Biggest Bitcoin Bull Run Ever? Analyst Says Yes! appeared on BitcoinEthereumNews.com.

Crypto analyst TechDev (@TechDev_52) recently shared a detailed chart analysis suggesting that Bitcoin might be on the cusp of its most significant breakout to date. This analysis, backed by historical patterns and technical indicators, points to a potential shift in the market that could lead to unprecedented price levels for Bitcoin. The chart provided by TechDev illustrates Bitcoin’s price action in USD alongside its price relative to the M1 money supply (BTC/M1). Historically, Bitcoin has exhibited distinct phases of parabolic price increases, known as “blowoff tops,” followed by sharp corrections. These blowoff tops are marked with green check marks on the chart, occurring in 2011, 2013, and 2017. Each of these peaks was followed by significant corrections. Bitcoin Liquid Index vs Velocity of M1 Money Stock, 2-month chart | Source: X @TechDev_52 Notably, the 2021 peak did not result in a blowoff top, as indicated by the red cross on the chart. This deviation from historical patterns is significant because it suggests a possible change in market behavior. TechDev’s chart also highlights a key pattern known as the “descending right-angled broadening formation.” This technical pattern is characterized by a series of lower highs and lower lows, creating a broadening wedge shape. The pattern typically signals a period of consolidation, where the price oscillates within the broadening trend lines before a decisive breakout. The chart shows that Bitcoin has recently broken out of this broadening wedge, indicating a potential shift from a consolidation phase to a new bullish trend. Related Reading The analyst commented, “Significant. Bitcoin has only seen blow-off tops after breakouts against M1 money supply. And the longer it’s consolidated, the longer it’s run. This breakout follows the longest consolidation yet. In fact, it represents a textbook breakout of a 5 year broadening wedge. The last 5 years have…

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Filed under: News - @ June 3, 2024 8:24 am