TechDev Projects Bitcoin To Rally $160,000 Within This Year

A prominent crypto market analyst, known as TechDev projects a huge rally for Bitcoin (BTC) in the coming months.

TechDev shared with his 364.5K followers on Twitter that he’s using the inverted BTC chart, and believes that the leading crypto asset is in a long-term uptrend. His thesis is based on the idea that Bitcoin continues to rmaintain the 20-month moving average (MA) as support.

“Bitcoin continues to reject off the 20-month MA in a clear multi-year downtrend of lower highs and lower lows.
Another dump does not seem far away.”

#Bitcoin continues to reject off the 20 month MA in a clear multi-year downtrend of lower highs and lower lows.

Another dump does not seem far away. pic.twitter.com/Myx7X5F3vw
— TechDev (@TechDev_52) February 14, 2022

Using invert charts sometimes give a different perspective and see whether the inverted price action still supports their thesis.

According to the analyst Bitcoin will rally after hitting the 20-month MA, in a similar manner as it did back in 2019 to 2020.

Regarding the weekly chart, TechDev is waiting for Bitcoin to rise above the 50-week moving average to possible begin its huge ascend.

“Comparing weekly BTC candles with similar prints, at similar distances from the 50MA, at similar RSI (relative strength index) levels.
Watching for follow through.”

Comparing weekly #BTC candles with similar prints, at similar distances from the 50MA, at similar RSI levels.

Watching for follow through. pic.twitter.com/lzuYhlqecN
— TechDev (@TechDev_52) February 14, 2022

Looking at the analyst’s chart, BTC’s relative strength indicator (RSI), a momentum indicator, reclaimed support at $45,000 in April 2020. Before that Bitcoin climbed above the 50-week moving average, and at the end resulted a massive rally.

TechDev seems to project the same sequence of events as a sign for the next Bitcoin price hike.

He is also taking into consideration Bitcoin 11-year history of price rises. Bitcoin could rally to $160,000 before the end of the year based on its pattern to top out at four standard deviations from the 50-week exponential moving average, the analyst notes.