In the ever-volatile world of cryptocurrencies, two leading analysts recently weighed in on the future of Bitcoin (BTC). Both said the bear market may be ending. He also suggested that an upward swing is on the horizon. Here are the details…
TechDev pointed to a familiar scenario
TechDev, a widely followed crypto analyst with 418,000 followers on X, attracted attention. The analyst points to a turning point for Bitcoin in his latest analysis. Because it draws attention to the wide time frame indicator. TechDev drew parallels with the periods before the 2016 and 2020 bull markets. He presented a chart with monthly candles, Bollinger bands, and a logarithmic width indicator relative to the 200 monthly moving average. The chart reveals that the Bollinger bands, which measure Bitcoin’s relative volatility, have tightened significantly. According to TechDev, this squeeze has historically heralded an imminent breakout to the upside.
The analyst’s chart clearly shows that Bitcoin may be poised for a significant upward move. TechDev also noted that Bitcoin and the broader altcoin market appear to be positioning for a breakout at the same time. To illustrate this, he compared Bitcoin’s performance to the “others” chart, which tracks the market cap of all cryptocurrencies except BTC and Ethereum (ETH). He noted that BTC is forming support at the beginning of a long-term bullish drive, while the “others” chart is breaking downside resistance.
DonAlt announced the critical level for Bitcoin
There was also a comment from DonAlt, who is known for correctly predicting the bottom of the bear market last year. The analyst has a different view on the direction of Bitcoin. DonAlt, who has a significant follower base of 508,100 people on the same social media platform X, believes that Bitcoin is on the verge of a significant breakthrough. DonAlt sees a key resistance level at $28,000 as the critical battleground for Bitcoin. If BTC can surpass this level, it predicts a potential rally that could push Bitcoin as high as $42,000. He describes this level as the “bears’ last line of defense.”
In a recent YouTube strategy session, DonAlt explained his bullish outlook for Bitcoin. Despite recent constructive price action, market sentiment remains bearish, he noted. DonAlt highlighted the daily breakout on October 1 and Bitcoin’s consolidation at $28,000. According to DonAlt, this level represents the most important weekly resistance. However, DonAlt issued a stern warning: If Bitcoin fails to rally above $28,000, it could trigger a major selling event and potentially drop the price to the $23,000 – $20,000 range.
