Technical Analyst Predicts Big Run for Stocks, Bitcoin (BTC) and Crypto – Here’s His Timeline
A closely watched crypto analyst says stocks and crypto markets are set to rally in tandem with another upcoming stage for risk assets.
The pseudonymous analyst known as TechDev, known for long-term technical analysis, tells his 399,000 Twitter followers that Bitcoin (BTC) and the stock market are still in a bullish momentum that he believes will continue into 2023.
“When stocks run, Bitcoin runs.
And I expect the steepest equity phase in the last 40 years to enter 2023.
After that, potentially a big test for Bitcoin and crypto.
My opinion of course.”
According to TechDev, BTC’s technicals suggest that after a rally into next year, a correction and then another bull run into 2025 is in the cards.
“In a vacuum, Bitcoin’s chart argues for a run into 2023 + sideways 2023-2024 correction + run into 2025.
But even the potential for a secular stock top in 2023 will have me watching from the sidelines in 2024 to see just what degree of correction we’re in for.”
TechDev adds that a historically accurate bottom signal just flashed for Bitcoin. According to him, the NASDAQ’s rejection of its 200-week exponential moving average (EMA) while the True Strength Index crosses upwards has been an excellent opportunity for BTC bulls in the past.
The True Strength Index is a variant of the widely used Relative Strength Index (RSI) which aims to measure whether an asset is oversold or overbought.
“NASDAQ’s first weekly True Strength cross after bouncing off its 200W EMA has marked some decent Bitcoin entries over the past 12 years.”
At the time of writing, Bitcoin is trading at 23,045, down 3% on the day.
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