‘Parabolic Advance’ for Bitcoin (BTC) now on the table as a bullish technical indicator lights up: Popular Analyst
A well-known crypto analyst believes Bitcoin (BTC) could be preparing for a “parabolic advance” to a new all-time high.
Pseudonymous analyst TechDev tells his 409,800 Twitter followers that Bitcoin tends to follow global liquidity cycles, which he illustrates with a chart plotting Chinese 10-year bonds (CN10Y) against the US Dollar Index (DXY).
According to the analyst, the CN10Y/DXY chart is now flashing a signal that has historically marked the start of new Bitcoin bull runs.
“The yellow arrows are not halving dates. They are the liquidity signals that preceded every parabolic surge to new highs in bitcoin.”
Source: TechDev/Twitter
TechDev explains that the specific liquidity event is when the CN10Y/DXY crosses above its 60-week moving average (MA).
“Has been correlated with China’s credit impulse and historically led the ~3.5 global liquidity cycle. This ratio appears as a rotated version of the BTC chart.”
The analyst also says he is keeping a close eye on the CN10Y/DXY chart as there is a possibility that it could drop below the 60-week moving average, which would invalidate the signal.
Bitcoin is trading at $28,037 at the time of writing. The top-rated crypto asset by market cap is down more than 2% in the past 24 hours but is up nearly 2.4% over the past week.
Earlier this month, TechDev shared with its Twitter followers that multiple technical indicators are suggesting Bitcoin could mimic its 2015 bull market, a cycle that saw BTC surge from less than $200 to $20,000 in roughly two years.
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