Three Indicators Screaming Bitcoin (BTC) Bull Market in Early Stages of Parabolic Advance, According to Analyst
A popular crypto analyst thinks three indicators suggest Bitcoin ( BTC ) is far from its top.
The pseudonymous crypto trader known as TechDev shares a graphic with his 468,700 followers on the social media platform X that charts the liquidity cycle, Bitcoin’s Relative Strength Index (RSI) and BTC’s Fisher Transform Indicator.
Source: TechDev/XTechDev’s first chart displays a line for Bitcoin’s price and a line that pits the Chinese 10-year bonds (CN10Y) against M2SL, the seasonally adjusted measure of money supply in the United States.
Based on the trader’s chart, he appears to suggest that an expansion in the CN10Y against M2SL could trigger big Bitcoin rallies.
The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought. The RSI’s values range from zero to 100 with the level between 70 to 100 indicating that an asset is overbought while the zero to 30 level indicates that an asset is oversold.
TechDev also charts Bitcoin’s Fisher Transform indicator to pinpoint trend reversals.
The analyst’s graphic suggests that both the RSI and the Fisher Transform indicator are demonstrating patterns that look similar to patterns preceding BTC’s massive 2017 bull run.
Bitcoin is trading at $57,793 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shiba Inu Community Pushes Token Toward $0,001
Can You Turn $500 Into $500 With These Cryptocurrencies?
215 Arrested in South Korea’s $232M Crypto Scam
South Korean police have arrested 215 people for taking part in a massive crypto fraud scheme
BlackRock Launches BUIDL Fund on 5 Blockchains
BlackRock, the world’s largest asset manager, just took a big step in the crypto world