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Is Bitcoin Set for a Multi-Year Parabolic Run-Up? Top Analyst Views BTC’s Long-Term State As Market Standstill

Despite an unrelenting downtrend, a closely followed crypto analyst says that Bitcoin could be on track for a long-term rally that will take BTC to exponentially higher prices.
The pseudonymous analyst, known as TechDev, tells his 397,000 Twitter followers that he sees Bitcoin’s historical price action so far as four main impulses that have gradually been taking longer to implement.

According to TechDev, BTC could, while Bitcoin far below its all-time high of $69,000 will retest support in a multi-year run to the $400,000 range sometime in the next few years.

As part of his analysis, he also uses the Chaiken Money Flow indicator, which captures a volume-weighted average of accumulation and distribution over a period of time.

“Bitcoin curves.”
Source: TechDev/Twitter
TechDev says some traders may have been too short-sighted when it came to the possibility of a “super cycle.” He says that while such a scenario is still in play, it could take longer than previously thought.

“In 2020-21 there will be a lot of talk about ‘super cycles’.

Much less now.

An arbitrary definition and far from validated… but what did people expect a huge multi-year parabola of higher highs and higher lows to look like?”

Looking at the altcoin market, TechDev says the current market structure is reminiscent of the consolidation before the 2016-2017 bull market.

“Observations of Altcoin Market Structure.

Known, but slower.

Different wave numbers in competition. Omitted in this diagram.

Invest responsibly according to your own time horizon and risk appetite. There are no guarantees.”
Is Bitcoin Set for a Multi-Year Parabolic Run-Up?  Top Analyst Views BTC’s Long-Term State As Market Standstill, Crypto Trading NewsSource: TechDev/Twitter
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Featured image: Shutterstock/Sensvector/Catalyst Labs

Source: Crypto News Deutsch

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