TechDev Has A Massive Target For Bitcoin Should It Follow 2017 Bull Run
A pseudonymous cryptocurrency analyst and trader, TechDev, has a massive price target for Bitcoin for the coming months which is based on the price path of 2017 bull market.
TechDev shares with his 107,500 followers that Bitcoin’s price action looks very similar to its 2017 parabolic run when it rallied from below $4,000 to $20,000 in matter of months.
“After 140 days, a slightly-flattened 2017 fractal continues to predict the day-to-day BTC price action better than most short-term TA (technical analysis) I’ve seen.”
After 140 days, a slightly-flattened 2017 fractal continues to predict the day-to-day #BTC price action better than most short-term TA I’ve seen. pic.twitter.com/93l7RODsMU
Looking into TechDev’s chart, Bitcoin could make its way to a new all-time high above $180,000 by the end of 2021 if it follows the 2017 bull cycle.
TechDev points out many similarities between the two cycles in terms of price and timing. Bitcoin appears to be reaching higher highs and higher lows at the same Fibonacci levels it maintained during its run from $1,750 to around $6,000 between July 2017 and October 2017, according to the analyst.
“Recent BTC daily price action. Seen it all before.”
The analyst says that the similarities between the two cycles can also be seen in the weekly chart. Bitcoin appears to be currently hesitating after a strong three-week rally, which looks very much the same as October 2017 performance, according to TechDev.
