A widely followed crypto analyst says that Bitcoin (BTC) is gearing up for a new vertical leg as it mirrors past movements of a major stock index.
The pseudonymous analyst known as TechDev tells his 473,000 followers on the social media platform X that Bitcoin could enter into a bull market that many won’t be able to catch.
While most crypto market participants view BTC price in terms of four-year halving-based cycles, TechDev suggests that Bitcoin could be in the early innings of an eight-year-long bull run. He shares a chart showing similarities in price surges between Bitcoin and the Nikkei, the Japanese stock index, which rallied for nearly 15 years starting in 1975.
“This ‘final leg’ could be a tougher read than you think.”
Source: TechDev/X
According to TechDev, crypto markets will likely move into a “mass attention” phase, where prices move up quicker than at any other point in the market cycle.
“The current mix of technicals and sentiment has primed the next vertical leg.
When mass attention arrives, it will happen fast.
Only 30 days are responsible for 99% of Bitcoin’s gains over the past 10 years.
It’s the sideline / late arrival tax, and it’s steep.”
At time of writing, Bitcoin is trading at $69,000.
Generated Image: Midjourney
