A closely followed analyst believes that Bitcoin’s (BTC) current market structure appears to be mirroring a setup that emerged prior to the crypto king’s bull market in 2020.
Pseudonymous analyst TechDev tells his 413,100 Twitter followers that Bitcoin’s monthly chart looks similar to BTC’s price action from about three years ago before the top crypto erupted from around $10,000 to above $60,000.
The trader shares a chart showing the similarity between the two setups, which includes a break of the bear market resistance and a retest of horizontal support.
“We’ve seen this monthly Bitcoin setup before.
At the start of the last impulse.”
Looking at TechDev’s chart, it appears that the monthly support for BTC is around $25,000. At time of writing, BTC is trading for $25,723.
The analyst also shares an inverse chart of Bitcoin to show that BTC remains in a clear uptrend on the high timeframe.
“Longing this still seems risky. Bitcoin.”
Looking at TechDev’s chart, it appears that Bitcoin’s price and relative strength index (RSI), a momentum indicator, have broken below their respective diagonal supports. Since the analyst is using an inverse chart, the breach of the support levels suggests that price and momentum are on the side of BTC bulls.
The chart also shows that TechDev expects Bitcoin to rally to a fresh all-time high close to $80,000.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
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 advised 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.
Generated Image: Midjourney
Click Here to Read the Full Original Article at The Daily Hodl…
