The post TechDev Predicts Bitcoin’s Bear Trap appeared on BitcoinEthereumNews.com.

The pseudonymous crypto analyst TechDev has forecasted that Bitcoin and other digital assets are currently navigating a significant bear trap. In a chart shared with his 467,000 followers on the social media platform X, TechDev outlined that Bitcoin cycles through various stages, beginning with “accumulation” and culminating in a bull trap. Bitcoin’s Cycle Stages Explained TechDev asserts that Bitcoin is presently in the “bear trap” phase, which precedes the “renewed optimism,” “fear of missing out” (FOMO), and “euphoria” stages. Following these stages, Bitcoin typically peaks and then enters a bull trap. Access COINTURK FINANCE to get the latest financial and business news. “Clearly, there is extreme fear in the market. For the past two weeks, comments at $25,000 from those predicting doom were filled with ‘told you’ remarks as we retested levels and reached $48,000. However, in a period where global macro conditions are looking positive, this just sounds like noise to me,” stated TechDev. What About Stablecoins? The analyst also noted that USDT’s dominance in the crypto markets is waning. He believes that stablecoins will soon be massively exchanged for other digital assets, which will drive up prices. Bitcoin and Nikkei 225: A Comparative Analysis TechDev compared the historical price movements of Bitcoin with Japan’s largest stock index, the Nikkei 225. According to his charts, Bitcoin could potentially soar to $760,000 between 2028 and 2029, followed by a prolonged bear market. Key Insights and Predictions • Bitcoin is in the bear trap stage, preceding potential market optimism and euphoria. • USDT dominance is decreasing, which could lead to stablecoins being swapped for other digital assets, driving price increases. • Bitcoin could reach $760,000 between 2028 and 2029, followed by a multi-year bear market. • Historical trends show Bitcoin’s price often rises amidst market fear. Last month, TechDev expressed optimism…

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Filed under: News - @ September 8, 2024 4:19 pm