Bitcoin Indicators Looking Nearly Identical To 2017, According To Analyst TechDev
Crypto market analyst TechDev is weighing in on his perspective for the remainder of the Bitcoin bull run.
Covered:
- Bitcoin Flashback to 2017
- Altcoin Market Update
Bitcoin (BTC) is trying to hold the line above $58,000 USD. After breaking through resistance from its April highs, Bitcoin ran to a new all-time high of $69,000 before collapsing about 19% back down to $55,700. At the time of writing, BTC is trading at $58,424. TechDev is weighing in on where he thinks Bitcoin is likely to top out.
RECOMMENDED: TECHDEV SAYS ‘THERE IS TONS OF ROOM TO RUN” FOR BITCOIN
Bitcoin Flashback to 2017
After bouncing just below the cycle’s 1.272 logarithmic fibonacci level in mid-July (~$31,400), 2017 and 2021 have displayed nearly identical daily price action and indicator patterns ever since.
This latest correction is no exception, with the relative strength index (RSI) and stochastic RSI reaching near-identical levels at what is likely very near the bottom. If you aren’t familiar with RSI, it is a momentum indicator that measures the overbought and oversold levels of any particular asset.
The stochastic RSI, in particular, is crossing in the exact same bullish manner as this time in 2017.
If history continues to suggest the future, the most parabolic period of this cycle’s run is right around the corner, according to TechDev.
Altcoin Market Update
Aside from Bitcoin, TechDev recently posted an update on the status of the altcoin total market cap.
After topping out at a new altcoin market cap all-time high of a massive $1.7 trillion, altcoin across the board corrected after Bitcoin fell from $69,000. Despite the recent dump, however, TechDev also shows the striking similarities between the 2021 bull cycle and 2017 run for altcoins.
He’s expecting the altcoin market cap to top out at roughly $6.5 trillion in early 2022.
With this latest retest, the #alt market cap looks perfectly on track. pic.twitter.com/k4man9taSj
— TechDev (@TechDev_52) November 20, 2021
For more market insight from TechDev, make sure to sign up for his brand new newsletter. Also, be sure to follow him on Twitter for the latest and greatest Bitcoin and crypto technical analysis.
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Text source: CryptosRus
