Markets
Bitcoin (BTC) reflects a pre-parabolic rally that led to gains of over 1,200% in 2017, according to Crypto Analyst
Bitcoins (BTC) The current market structure resembles that of 2017, just before its massive 1,200% rally to its previous high of $20,000, according to widely followed crypto analyst TechDev.
The pseudonymous analyst shares with his 450,000 followers on social media platform X a chart that suggests the current market cycle is strikingly reminiscent of the 2017 Bitcoin bull run.
TechDev’s chart highlights that both bear markets bottomed out during the crash of two major crypto exchanges, followed by repeated rallies and consolidation phases.
“The more things change, the more they stay the same. »
Source: TechDev/X
Looking at the trader’s chart, it seems to suggest that BTC is currently in a consolidation phase similar to 2017, when it was trading at around $1,500 before a parabolic run to a cycle high of $20,000 .
At the time of writing, Bitcoin is worth $67,060.
The analyst also looks at Bitcoin’s Relative Strength Index (RSI), which aims to gauge the momentum of an asset. According to TechDev, Bitcoin has historically peaked when its RSI reaches the top of a long-term channel, which has not yet happened.
“You are in the green zone. Don’t waste it.
Source: TechDev/X
TechDev also looks at the OTHERS chart, which tracks the market capitalization of all cryptocurrencies, excluding the top 10 digital assets and stablecoins. Specifically, it looks at the chart’s Stochastic RSI, Moving Average Convergence Divergence (MACD), and the log Bollinger Band indicator.
The MACD is traditionally used to identify reversals based on the convergence or divergence of moving averages, and Bollinger Bands are intended to identify periods of impending sharp price movements based on volatility contraction.
According to the analyst, OTHERS, which is often used to gauge the strength of altcoins, has reached a “maximum squeeze” zone, suggesting a big move higher is on the horizon. He also notes that the configuration coincides with the back from “Roaring Kitty,” the leader of the movement that drove the price of Gamestop (GME) higher in 2021.
“Roaring Kitty returns as this alternate setup reappears.
There are no coincidences.
Source: TechDev/X
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