Here’s the Next Price Target for Bitcoin As BTC Repeats Previous Bull Market Pattern: Crypto Analyst

By The Daily Hodl May 06, 2024 In Bitcoin
Source: TechDev/X

A widely followed crypto analyst is laying out his bull market price target for Bitcoin, saying BTC is beginning to mirror its previous cycle.

Pseudonymous analyst TechDev shares with his 448,000 followers on the social media platform X a chart that compares Bitcoin’s current market cycle to that of 2020-2021.

Using Elliott Wave theory, which traditionally suggests that an asset goes through bullish impulses in five main waves, TechDev speculates that BTC is going through a final bullish move that will take it near the six-figure range later this year.

“The impulsive structure of the last 1.5 years says $90,000-$100,000 is next. BTC”


Source: TechDev/X

Based on his chart, TechDev is also suggesting that Bitcoin’s relative strength index (RSI) – a widely used momentum indicator – has cooled off, foreshadowing one more big upside move for BTC.

The analyst recently predicted that BTC will rally by over 120%, similar to what happened in late 2020 when Bitcoin surged from around $13,000 to over $29,000 in just two months.

“Bitcoin’s two-month candle is right on the candle body high, soon after max compression.

As RSI (relative strength index) is about to break 70.

These have been the conditions which led to the last three parabolic accelerations.

I suspect this next two-month candle will be as tall as Nov 2020.

Source: TechDev/X

At time of writing, Bitcoin is trading at $63,330.

Generated Image: DALLE-3

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