Crypto analyst TechDev believes Bitcoin’s current market behavior mirrors the pre-rally period of 2017, which led to a massive 1,200% gain.
Chart Comparison
TechDev’s chart shows similarities between the 2017 bull run and the current market cycle. Both experienced bear market bottoms after major exchange crashes, followed by rallies and consolidation phases.
RSI Indicator
The analyst also examines Bitcoin’s relative strength index (RSI), which measures momentum. Historically, Bitcoin has peaked when RSI reaches the top of a long-term channel, which has not yet happened.
Altcoin Indicator
TechDev also tracks the OTHERS chart, which represents the market cap of all cryptocurrencies excluding the top 10 and stablecoins. The chart’s indicators suggest a potential upside move for altcoins.
Conclusion
TechDev believes Bitcoin is in a consolidation phase similar to 2017, with the potential for a parabolic rally to new highs. The analyst also notes the return of “Roaring Kitty,” who played a role in the Gamestop stock surge in 2021.
