“Rapid rise to new highs”? – Analyst says BTC could rise like Amazon’s (AMZN) parabolic rally in 2010
A closely followed crypto analyst says Bitcoin (BTC) could be about to repeat a pattern seen with Amazon stock (AMZN) over a decade ago.
Pseudonymous analyst TechDev shares with his 423,000 followers on the social media platform
According to TechDev, both charts show the respective assets forming double tops, then a drastic correction to previous all-time highs, and then a sudden parabolic move to all-time highs with little to no dips along the way.
“At this point, AMZN has retested its previous all-time high with an extended shallow correction.
Just like BTC.
Then here is an analysis of the structural similarities of both apartments.
The green line is where BTC has moved to since the chart.
A rapid move to new highs of
Here extended flat retests of a previous ATH would not be unusual if one can get past the herd narrative regarding the halving.
No guarantee. A $32,000 retest scenario is still on the table.
But if we just hit new highs from here, I wouldn't be surprised.
If structural analogies work, it is because the speculative behavior of mass people does not change, regardless of the asset value.”
Source: TechDev/X
The analyst previously noted Bitcoin's Vortex indicator (VI), which is designed to spot trend reversals and confirm current trends.
TechDev publishes a monthly BTC chart that appears to show that the VI has a near-perfect track record of signaling bull markets. He calls the VI uptrend the “parabolic signal” for Bitcoin.
“Parabolic Bitcoin signal.”
Source: TechDev/XDon't miss a thing – Subscribe to receive email alerts straight to your inbox
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