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A closely followed crypto strategist believes that the stage is now set for Bitcoin (BTC) to go on a parabolic rally.
Pseudonymous analyst TechDev tells his 522,200 followers on the social media platform X that he’s looking at a setup that has previously triggered a 6x surge for BTC.
According to TechDev, Bitcoin went on a rampage in 2020 as global liquidity erupted and gold ignited a huge upside burst.
“Time to realize you’ve been right here before.
Last time gold went parabolic as global liquidity surged out of its retested breakout…
Bitcoin launched 500%.”
Source: TechDev/X
TechDev supports his bullish stance on Bitcoin by pointing out that BTC has historically witnessed huge upside gains whenever global liquidity goes parabolic, just as the business cycle bottoms out.
Global liquidity refers to the amount of money sloshing in the world’s financial system, while the business cycle tracks the rise and fall of economic activity over time.
“This chart says the largest Bitcoin move in five years has begun.”
Source: TechDev/X
The analyst believes that the abundance of funds amid surging global liquidity and the reallocation of capital from gold to Bitcoin would serve as tailwinds for BTC’s ascent to new record levels.
“Gold goes parabolic > Liquidity breaks out > Flows to BTC + rotation from gold sends BTC parabolic
Not an original story.”
At time of writing, Bitcoin is trading for $95,925.
