Despite Monday’s correction, crypto analyst TechDev believes a key Bitcoin indicator is signaling a potential parabolic rally.
Gaussian Channel
TechDev observed that the two-week Gaussian channel, which identifies price trends, flipped green. This has only happened once before in Bitcoin’s history, preceding a significant rally.
Chaikin Money Flow
The Chaikin Money Flow (CMF) metric, which measures accumulation and distribution, also suggests bullishness. Bitcoin is currently above the bullish line on the four-week chart, a pattern seen before previous parabolic moves.
Implications
TechDev believes that Bitcoin’s uptrend is intact and that the same signal that predicted previous rallies is now firing again.
Current Market
At the time of writing, Bitcoin is trading at $60,586, down 4.6% in the last 24 hours.
