has provided insights into the Bitcoin future trajectory. The analyst suggested that the flagship crypto has yet to reach its full potential in and that more price surges lie ahead for the crypto token.
Not Yet Time For A Bitcoin Blowoff Top
TechDev remarked in an X (formerly Twitter) that the only happen after the four-week Chaikin money flow (CMF) breaks a line he highlighted on the accompanying chart. His analysis suggests that Bitcoin is still bound to make a to the upside before it experiences a significant decline.
Blowoff tops are a chart pattern that shows the rapid increase in an asset’s price followed by a sharp drop in its price. TechDev’s chart showed that something similar happened in the , with Bitcoin enjoying a parabolic uptrend for about a year before its price dropped sharply.
Similarly, based on TechDev’s chart, Bitcoin is again set to enjoy a parabolic uptrend from now to sometime in 2025 before it reaches its market top and begins to decline significantly. In another , the analyst suggested that the time has almost for Bitcoin to enjoy its next leg up. As claimed, this next move to the upside will take Bitcoin into the ‘parabolic uptrend’ phase of this market cycle.
Interestingly, this breakout for Bitcoin could happen sooner than expected, with TechDev claiming that in 18 days, Bitcoin will have a chance at a breakout that it has only seen once in its entire history. From a chart he shared, TechDev hinted at Bitcoin rising to as high as $190,000 in this bull run.
It is also worth mentioning that recently predicted that a Bitcoin breakout is imminent. He said Bitcoin would “absolutely giga send” in seven to ten days and rise to as high as $100,000 when this move happens.
Bitcoin’s Breakout May Still Take A While
recently stated that Bitcoin’s breakout from this Re-Accumulation range would occur in September 2024 if history repeats itself. The crypto analyst that Bitcoin’s struggle to break out from this Re-Accumulation range is “beneficial for the overall cycle.”
He noted that Bitcoin has never broken out this early in the post-halving period. Rekt Capital remarked that a Bitcoin breakout this early means that this cycle would be accelerated and that the bull market would be shorter than usual. As such, he believes that this is helping Bitcoin’s price resynchronize with historical halving cycles so that the market can experience a “normal and .”
At the time of writing, Bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to from CoinMarketCap.
