Bitcoin is on the verge of entering the parabolic stage of its market cycle, according to analyst TechDev, who has gained a following with his macro crypto calls. The analyst shared on social media platform X that Bitcoin is showing technical signals that have preceded significant rallies in the past. He notes that Bitcoin has breached the upper range of its Bollinger Bands in the two-month timeframe after recovering from a bear market bottom, a signal that was present during the 2016 and 2020 market cycles before BTC surged parabolically.
TechDev also points out that Bitcoin is in the early stages of a parabolic ascent based on the cryptocurrency’s logarithmic moving average convergence divergence (LMACD) indicator. This indicator is used to detect changes in an asset’s trend, strength, and momentum. The trader emphasizes the importance of paying attention to high time frames (HTFs) when trading the cycles, noting that previous price levels like $30,000, $50,000, $70,000, and $90,000 were not the top because HTF expansion had not ended. The LMACD on the two-month chart needs to hit resistance at 0.12 before Bitcoin reaches a cycle top, with the indicator currently hovering at 0.04.
With Bitcoin trading at $97,274 at the time of writing, TechDev’s analysis suggests that the cryptocurrency still has room to grow before reaching its peak in the current cycle. The analyst’s chart indicates that Bitcoin’s price will continue to rise until it hits the resistance level of 0.12 on the LMACD indicator. The historical precedent of Bitcoin’s previous market cycles supports TechDev’s prediction that the cryptocurrency is on the brink of entering a parabolic phase. By analyzing technical signals and indicators like the Bollinger Bands and LMACD, the analyst provides valuable insights for traders looking to capitalize on Bitcoin’s potential price movement.
To stay updated on Bitcoin’s market cycle and potential price movements, followers can subscribe to receive email alerts directly to their inbox and follow the analyst on social media platforms like X, Facebook, and Telegram. By following TechDev’s analysis and predictions, traders can make informed decisions based on data-driven insights and technical analysis. As Bitcoin continues to show signs of entering a parabolic phase, understanding key indicators like the Bollinger Bands and LMACD can help traders navigate the cryptocurrency market with confidence and maximize their profits. With Bitcoin’s price currently at $97,274, there is still room for growth before the cryptocurrency reaches its cycle top and enters a new phase of its market cycle.
