Crypto analysts give their bitcoin price forecast

TechDev, a well-known figure in the crypto world with a sizable following of 447,600 on the social media platform But what does he base this increase on?

Historical data points to a possible rise in the bitcoin price

By pointing to historical data, TechDev draws parallels to late 2020 when bitcoin made an impressive jump from around $13,000 to over $29,000 in just two months. He notes in his bitcoin price forecast that current conditions on bitcoin’s chart resemble those prior to previous parabolic accelerations.

“Bitcoin’s two-month candle is right at the candle high, shortly after maximum compression. because the RSI (relative strength index) is about to break 70. These were the conditions that led to the last three parabolic accelerations. I suspect this next bi-monthly candle will be as high as Nov 2020.”

TechDev highlights that during bitcoin’s notable price increases in 2013, 2016 and 2020, the relative strength index (RSI) crossed the bullish threshold of 70, indicating strong upside momentum. furthermore, he notes that bitcoin’s volatility indicator, the Bollinger Bands Width (BBW), reached its lowest points during these periods, indicating an impending price increase.

Yet no decline in the bitcoin price

Given these indicators, TechDev expresses confidence that bitcoin is unlikely to experience a significant downturn. He also dismisses concerns raised over the past eight months about possible withdrawals or crashes.

Please also point out the “pullbacks/crashes/dumps” many have freaked about over the last 8 months.

— TechDev (@TechDev_52) April 27, 2024

Meanwhile, another crypto analyst, DonAlt, offers an opposite view. Despite TechDev’s optimism, DonAlt remains cautious, pointing out vulnerabilities in bitcoin’s support levels, particularly around $60,000, which have been tested repeatedly.

“Back to the same old level. The more often it is tested, the more likely it is to break. In fact, I think bulls would like to see a break below at this point until proven otherwise.”