Markets
‘Historic setup’ now underway as Bitcoin enters renewed bullishness, according to crypto analyst
An analyst known for long-term cryptocurrency predictions says that Bitcoin (BTC) and digital assets are in the midst of a “historical configuration.”
Pseudonymous analyst TechDev shares a chart with his 465,000 followers on social media platform X showing cryptocurrency market cap dominance against Tether USDT.
TechDev’s chart suggests that the cryptocurrency market cap is poised to gain further dominance at the expense of USDT after bouncing off a strong support level, which suggests that traders will convert their stablecoins into digital assets.
“Crypto dominance against USDT.
Of all the cyclical bull markets, this is the first macro breakout and retest.
Historical configuration.
The graph says that previous runs may have been warm-ups.”
Source: Technological Development/X
TechDev shares another chart showing what he believes are the 16 different stages of Bitcoin’s market cycle.
He believes BTC is currently in a “bear trap” phase, where a “correction fueled by overvaluation concerns and premature fears that the cycle is over” drives prices lower.
But according to the analyst’s chart, Bitcoin will soon enter the “Renewed Optimism” stage, where “buyers warm up to the market again.”
Source: Technological Development/X
As Bitcoin is about to enter a new phase of the market cycle, TechDev highlights that global liquidity is the main driver of BTC prices.
He shares another chart comparing BTC to its global liquidity metric, aligned with the Fisher Transform indicator, which aims to identify trend reversals.
The chart seems to suggest that macro inflection points for Bitcoin and global liquidity historically happen every 3.75 years.
“Global liquidity <– –> Bitcoin.
3.75 years. Next Tweet at all-time high.”
Source: Technological Development/X
At the time of writing, Bitcoin is trading at $63,024, up 4.74% in the last day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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