A retrospective analysis of the conditions for the movement of the market price of the first cryptocurrency on a two-month chart demonstrates readiness for a new price explosion. The analyst believes that with a high degree of probability the market price of Bitcoin could rise by almost 120%. This is a repeat of the situation at the end of 2020, when BTC rose from $13,000 to more than $29,000 in just two months.
“Bitcoin's two-month candle is right at the high of the candle body, near the maximum squeeze. At the same time, the relative strength index (RSI) is about to overcome the 70 point mark. Let me remind you that previously similar conditions led to the last three parabolic accelerations. My guess is that the next two-month candle will be as high as November 2020,” TechDev tweeted at X.
Now the market value of Bitcoin has reached $62,434. Over the past 24 hours, the market price of the asset has changed insignificantly.
While TechDev is optimistic about the prospect of another parabolic rise in the price of Bitcoin, analyst Rob Ginsberg of Wolfe Research does not share the same opinion.
Rob Ginsberg said that Bitcoin's unsuccessful attempts to overcome the $70,000 mark demonstrate a striking similarity in the behavior patterns of the flagship cryptocurrency and the assets of small-cap companies. According to the expert, this leaves little hope for a convincing growth of Bitcoin in the near future.
Source: Bits
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