A well-known crypto analyst thinks Bitcoin (BTC) is poised for some significant upward movement.
The pseudonymous analyst TechDev shared with his 522,200 followers on X that he sees a potential setup reminiscent of a previous six-fold increase in BTC values.
TechDev notes that Bitcoin made an impressive leap in 2020, which was partly driven by a surge in global liquidity and a corresponding rise in gold prices.
“It’s like déjà vu, isn’t it?”
“Gold has finally taken off as global liquidity surges from a tested breakout…”
“Bitcoin has seen gains of 500%.”
He supports his optimistic view by highlighting that whenever global liquidity peaks, Bitcoin historically has thrived, particularly when the business cycle hits its low point.
Global liquidity refers to the flow of funds in the worldwide financial system, while business cycles illustrate the ups and downs of economic activity over time.
“Based on this chart, the biggest Bitcoin movement we’ve seen in five years seems to be underway.”
TechDev believes that a rise in global liquidity, combined with a shift of capital from gold to Bitcoin, could boost BTC to new record highs.
“As gold ascends, liquidity increases, leading to a capital shift from gold to BTC, making BTC’s rise parabolic.”
“It’s a familiar narrative.”
As of now, Bitcoin is trading at $95,925.
