Crypto analyst TechDev believes Bitcoin (BTC) is on the cusp of a significant surge based on several technical indicators.
Wyckoff Accumulation Schematic
According to TechDev, the Wyckoff accumulation schematic, which predicts price movements, is currently in Phase E, indicating a period of price increases.
Gaussian Channel
The Gaussian channel, a momentum indicator, suggests that Bitcoin is about to enter a major uptrend. TechDev compares the current market conditions to similar patterns in 2016 and 2020 that preceded substantial rallies.
Weekly Chart Analysis
TechDev notes that Bitcoin’s position on the weekly chart aligns with key indicators from 2020, when it reached new all-time highs.
Bollinger Bands Bandwidth
The Bollinger bands bandwidth (BBW) indicates that Bitcoin’s volatility is about to spike, signaling a potential surge.
Relative Strength Index (RSI)
The RSI, a momentum indicator, suggests that Bitcoin is neither overbought nor oversold, indicating room for further gains.
At the time of writing, Bitcoin is trading at $66,117, up slightly from the previous day.
