A well-liked crypto analyst thinks Bitcoin (BTC) may very well be following a sample that occurred on the finish of earlier bear markets.
Pseudonymous analyst TechDev tells his 397,700 Twitter followers that BTC’s worth motion over the previous yr seems to be carefully mirroring Bitcoin’s sharp corrective strikes in the course of the 2014 and 2018 bear cycles.
TechDev highlights that within the earlier corrective phases of Bitcoin, BTC adopted the very same script the place it initially bounced on the 50-week exponential shifting common (EMA) earlier than discovering resistance on the 20-week EMA. The crypto strategist additionally says the ultimate leg of the earlier two bear markets occurred after the 20-week EMA crossed beneath the 50-week EMA.
“- A to the 50W EMA
– B above the 20W [EMA]
– Remaining leg of C after 20 crosses 50
– Terminates after 20 crosses 100?
Curious if this yr+ BTC correction continues to observe the blueprint of the final two.”
Up to now, the analyst says Bitcoin has been following the blueprint of its earlier bear markets and {that a} shut above the 20-week EMA would possible affirm the tip of the correction.
“Yr+ BTC corrections:
Quantity decline [yes]
MACD bull div [yes]
A capitulation + 50W EMA bounce [yes]
B above 20W, C breaks 50W with ease [yes]
C consolidates at 100W + 20/50W rejection [yes]
C capitulation as 20/100W cross [yes]
C backside close to -0.618 of A [yes]
Shut above 20W possible confirms finish.”
Bitcoin is buying and selling for $20,603 at time of writing, down greater than 70% down from its all-time excessive. In the meantime, the 20-week EMA is hovering above $33,000.
TechDev says his paper portfolio is “down considerably” however that he hasn’t modified his long-term funding thesis.
“I imagine Bitcoin and the crypto market will make new highs earlier than the subsequent halving.”
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