Renowned cryptocurrency expert TechDev has predicted a potential 120% rise in Bitcoin’s price. This forecast is the result of a two-month evaluation of the Bitcoin chart and recalls the great surge of 2020. With a significant following of 447,600 people, TechDev’s predictions have a history of remarkable accuracy, which has earned him respect within the crypto community.
TechDev’s intricate study of Bitcoin’s price over two months reveals that Bitcoin is positioned at the candle body high, a stage that typically comes after achieving maximum compression. This position is often an indicator of an upcoming increase in volatility due to concentrated buying and selling trends. This could push Bitcoin into a cycle of more significant upward and downward swings, which could present investors with beneficial trading opportunities and a high risk of losses.
According to TechDev’s analysis, the relative strength index (RSI), a momentum indicator, is reaching the 70 mark. This is often a precursor to major price increases and potential investment opportunities.
TechDev forecasts a significant Bitcoin price increase.
Despite this, TechDev urges investors to tread cautiously and consider other market factors.
Historical data indicates a pattern of significant Bitcoin growth every time the RSI crosses the bullish 70 threshold. This trend was observed in 2013, 2016, and 2020, pointing towards the possibility of another cryptocurrency expansion if this pattern continues. Despite the optimistic outlook, TechDev acknowledges the recent market uncertainty and emphasizes the need for sound risk management strategies in such volatile market conditions.
Despite the promising Bitcoin forecast, crypto analyst DonAlt advises caution regarding the $60,000 support level of Bitcoin. Citing its frequent testing, he suggests investors to wait until Bitcoin’s price recovers to $68,000 or falls below the current price, thereby requiring retracing.
As of now, Bitcoin’s price stands at $63,524. The fluctuation of Bitcoin’s value is often rapid and unpredictable, making it a risk or an opportunity for investors. Given its decentralized nature, the debate about its long-term viability as a currency continues, with several advocating for it as a perfect candidate for the digital age. At the same time, critics argue that its extreme volatility potentially causes market instability.
