Crypto Analyst TechDev Says This Key Metric Is Suddenly Signaling Bitcoin (BTC) Could Go on a Parabolic Surge
- PHPzOriginal
- 2024-06-14 10:28:471022browse
Pseudonymous analyst TechDev tells his 458,300 followers on the social media platform X that the Chaikin Money Flow (CMF) metric now suggests Bitcoin could print a blow-off top this cycle.
A popular crypto analyst is highlighting one key technical indicator that could be signaling Bitcoin (BTC) is primed for a parabolic surge.
The pseudonymous analyst, known as TechDev, tells his 458,300 followers on the social media platform X that the Chaikin Money Flow (CMF) metric is now indicating that BTC could be due for a blow-off top this cycle.
In technical analysis, a blow-off top is a chart pattern that shows a sudden rise in price followed by a sharp decline.
“Bitcoin blowoff tops only happen after 4W CMF breaks this line.”
The CMF is a technical indicator that measures the volume-weighted average of accumulation and distribution over a set period. TechDev’s four-week chart shows that the CMF has turned green three times before in Bitcoin’s history — in 2011, 2013, and 2016 — ahead of the parabolic surges.
The analyst also shares a chart using the Bollinger bands bandwidth (BBW), a price volatility gauge that aims to identify periods of impending sharp price movements based on volatility contraction. His chart suggests that Bitcoin is forming a similar pattern as around the beginning of 2017, which was followed by a massive price explosion.
“You’ve been here before. Forty-two months after the start of an already-ended long compression. Hovering at the prior high, pressed against the top band. Bandwidth squeezed and bounced. Expansion has just begun. Next leg poised to accelerate.”
Bitcoin is trading at $66,388 at the time of writing, down nearly 5% in the last 24 hours.
News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-analyst-techdev-key-metric-suddenly-signaling-bitcoin-btc-parabolic-surge.html
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