A popular cryptocurrency analyst and trader, while revealing his price target for Bitcoin (BTC) this year, predicts a parabolic rally in the coming months.
Anonymous analyst TechDev said that he looked at the Bitcoin chart and that BTC is in a long-term uptrend. TechDev’s bullish thesis is based on Bitcoin’s 20-month moving average.
“Bitcoin continues to reject the 20-month MA in a clear multi-year downtrend with lower highs and lower lows. There is no further decline in sight.”
Traders sometimes reverse charts to get a different perspective and examine whether the reversed price action supports their argument. In the case of Bitcoin, TechDev says that BTC will rally after reaching the 20-month MA, as it did from 2019 to 2020.
Looking at the weekly chart, the crypto analyst says he expects Bitcoin to break above the 50-week moving average to ignite a potentially parabolic run.
The crypto analyst also looks at the 11-year history of BTC’s price spikes. According to TechDev, BTC could potentially rise to $160,000 before the end of the year.
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