Coin World Report:
A well-known cryptocurrency analyst has stated that Bitcoin (BTC) is preparing for a new vertical leg as it mirrors the past trend of a major stock index.
The analyst, known as TechDev, told his 473,000 followers on social media platform TenUp that Bitcoin could enter a bull market that many people will be unable to catch up with.
While most participants in the cryptocurrency market view the price of BTC as a four-year halving cycle, TechDev believes that Bitcoin may be in the early stages of an eight-year bull market. He shared a chart showing the similarities between the price surges of Bitcoin and the Japanese Nikkei Index, which experienced a 15-year upward trend starting from 1975.
“This ‘final stop’ may be harder to decipher than you imagine.”
Source:
TechDev/X
According to TechDev, the cryptocurrency market may be moving into a “public attention” phase, with prices rising faster than any other point in the market cycle.
“The combination of technology and sentiment is already prepared for the next vertical phase. It will happen quickly when public attention arrives. In the past 10 years, 99% of Bitcoin’s gains came in 30 days. This is the side hustle/latecomer tax, and it’s high.”
At the time of writing this article, Bitcoin’s trading price is $69,000.
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