If popular pseudonymous analyst TechDev is to be believed, a new all-time high for Bitcoin’s price could be very close. TechDev sees a sign that it took two months for Bitcoin to reach a new price record last time.
New record for Bitcoin on the way?
Is about in the remaining volume Bitcoin (OBV), a trend indicator that uses volume flows to predict price changes. This indicator points to new all-time highs for the price of Bitcoin for the first time in a long time.
Currently, we are seeing the same signal seen in 2017 and 2021 for Bitcoin’s price, before the digital currency hit a new all-time high.
“This is interesting. Bitcoin’s two-month OBV has reached new highs. Historically, this meant that an all-time high was no more than two months away… and that we will reach a new high in six to ten months.” said TechDev.
Even more bullish news for Bitcoin
According to TechDev, this isn’t the only bullish story for Bitcoin right now. The analyst also mentions an indicator that he says “has never been forgotten”. This is the Vortex (VI) indicator, which signals the beginning of a new bull market.
The VI is used in technical analysis to identify trend changes and confirm current trends.
Based on the monthly Bitcoin chart, VI correctly predicted the start of the last three Bitcoin rallies. Now there is a bullish signal for the fourth time. “A rare buy signal for Bitcoin that is almost never wrong,” according to TechDev.
However, at the time of writing, Bitcoin was struggling during the holidays as it was down 1.35% over the past 24 hours.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
