‘Historic Move’ Ahead for Bitcoin With BTC Setup Looking Stronger Than 2020, Says Crypto Analyst

A widely followed crypto analyst is predicting an unprecedented bullish move by Bitcoin (BTC) based on two key indicators.

Pseudonymous analyst TechDev tells his 419,400 followers on the social media platform X that the total market capitalization of digital assets appears ready for a huge breakout.

“The monthly crypto market cap is at its highest compression, ever.

I believe a historic move is ahead.”

Source: TechDev/X

The trader’s chart uses the Bollinger bands bandwidth (BBW), a price volatility gauge that sees its upper and lower bands widen when volatility declines while the bands contract when volatility is about to explode.

According to the chart, the BBW is currently lower than the levels that preceded huge moves to the upside in both 2016 and 2020.

Using the same BBW metric, the trader says that Bitcoin appears on the verge of a breakout even larger than the one in 2020.

“Tightest monthly compression since 2016. Stronger than 2020.”

Image
Source: TechDev/X

The trader also looks at the vortex indicator metric, which measures two trendlines – VI+ and VI-. He says it is only the third time that Bitcoin’s two VI trendlines have crossed since 2016 on the two-month Bitcoin chart. The prior two crossings resulted in massive price moves to the upside for the leading crypto asset.

“Two-month Vortex peaks, ahead of max compression.”

Image
Source: TechDev/X

Bitcoin is trading for $34,699 at time of writing.

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