KOL TechDev names huge price target for Bitcoin

Prominent strategist and trader TechDev predicts that Bitcoin will see a parabolic rally in the coming months as he announces his massive price target for BTC this year.

TechDev observes Bitcoin’s reversal chart and confirms that there is now a long-term uptrend.

His bullish thesis is based on the idea that Bitcoin continues to hold its 20-month moving average (MA) as support.

“Bitcoin continues to drop the 20-month MA in a clear multi-year downtrend, leading to lower highs and lower lows. Another dump doesn’t seem far away.”

Traders sometimes invert the chart to get a different perspective and see if the inverse price action still supports their thesis. In the case of Bitcoin, TechDev says that BTC will surge after hitting the 20-month MA as it did in 2019-2020.

Looking at the weekly chart, the analyst said he is waiting for Bitcoin to break above the 50-week MA to potentially trigger a parabolic rally.

“Compare weekly BTC candles to similar candles: similar distance of 50MA, at similar RSI levels (relative strength indicator).”

Based on TechDev’s chart, the RSI momentum indicator managed to regain support at $45,000 in April 2020. Upward momentum before bitcoin broke above the 50-week MA finally took BTC to a high price.

TechDev appears to be looking to a similar convergence of events to herald the next rally.

The analyst also looks at BTC’s 11-year bullish history. According to TechDev, Bitcoin is likely to surge to $160,000 before year-end based on its trend of peaking at 4 standard deviations from the 50-week exponential moving average.

“Bitcoin Pulse Pattern”.

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