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A well-known cryptocurrency analyst, TechDev, is anticipating a significant bullish move for Bitcoin (BTC) based on two key indicators. They pointed out that the total market capitalization of digital assets appears primed for a major breakout. TechDev noted that the monthly market cap is currently at its highest level of consolidation in history, leading them to believe that a historic shift is on the horizon. TechDev’s analysis relies on the Bollinger Bands Bandwidth (BBW), a gauge of price . They observed that the BBW is below the levels preceding substantial upward movements in 2016 and 2020. Using this same BBW metric, TechDev suggests that ‘s impending breakout may surpass even the one in 2020, marking the tightest monthly consolidation since 2016 and a stronger outlook than in 2020. Furthermore, TechDev examined the Vortex Indicator, which assesses two trendlines, VI+ and VI-. They noted that it’s only the third time since 2016 that these two VI trendlines have intersected on the two-month Bitcoin chart. Historically, such intersections have led to significant price surges for the leading cryptocurrency, indicating that we may be witnessing a maximum consolidation before a substantial move.
Read more: coinspress
