One indicator is suggesting that new all-time highs for Bitcoin (BTC) are not more than two months away, based on a intently adopted crypto analyst.
The pseudonymous analyst TechDev tells his 425,000 followers on the social media platform X that Bitcoin’s on-balance quantity (OBV), a pattern indicator that makes use of quantity stream to anticipate worth adjustments, is hinting at new highs across the nook for BTC.
Based on TechDev, the OBV is presently flashing the identical sign that preceded Bitcoin’s rise to new all-time highs (ATHs) in 2017 in addition to in 2021.
“It’s attention-grabbing.
Bitcoin’s two-month OBV is at new highs.
Traditionally, it’s meant a brand new ATH was not more than two months away…
And a high was six to 10 [months away].”
TechDev’s chart suggests that every time the OBV makes a brand new excessive, Bitcoin additionally makes a brand new excessive inside one candle on the two-month chart.
TechDev additionally lately stated that one other indicator, which based on him “has by no means missed,” lately flashed bullish in favor of Bitcoin.
The analyst stated that the Vortex Indicator (VI) is as soon as once more signaling the beginning of a Bitcoin bull market.
The VI is utilized in technical evaluation to identify pattern reversals and ensure present developments. Primarily based on the analyst’s month-to-month chart of BTC, the VI indicator has precisely nailed the beginning of sturdy Bitcoin rallies in three earlier cases, and it’s flashing bullish now for the fourth time.
“A uncommon Bitcoin purchase sign which has by no means missed.”
At time of writing, Bitcoin is buying and selling at $43,905.
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