Bitcoin in early stages of parabolic rally as BTC mirrors 2015 bull market, says Top Trader
A popular crypto strategist says Bitcoin (BTC) is likely to set the stage for a steep rally in the coming months as the crypto king shadows a parabolic rally seen almost a decade ago.
Pseudonymous analyst TechDev tells his 409,100 Twitter followers that multiple technical indicators are suggesting that Bitcoin could mimic its 2015 bull market, a cycle that saw BTC surge from less than $200 to $20,000 in about two years.
The crypto analyst shares two charts showing how BTC has tracked the 2015 cycle over the past year and a half.
“Early stage Bitcoin parabola after 1.5 year correction.”
Source: TechDev/Twitter
Looking at TechDev’s charts, it appears that BTC took out a diagonal resistance that kept Bitcoin bearish in 2022 and retested it as support, reflecting the price action of the leading digital asset in 2014 and early 2015 is strikingly similar.
The analyst’s charts also show similarities in the movements of two technical indicators: the Relative Strength Index (RSI), which is a momentum indicator, and the Moving Average Convergence Divergence (MACD), a trend-following indicator.
According to the charts, Bitcoin’s weekly RSI recently broke out of the 60 bullish zone after flashing bullish divergence, reminiscent of its move some eight years ago.
Meanwhile, the MACD on BTC’s weekly chart is flashing a bullish cross, which is another signal observed in the early stages of the 2015 bull market.
TechDev isn’t the only analyst who thinks BTC could see exponential gains in the coming months. Pseudonymous analyst Credible believes BTC could reach $130,000 before year-end.
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