Is This The Biggest Bitcoin Bull Run Ever? Analyst Says Yes!


Crypto
analyst
TechDev
(@TechDev_52)
recently
shared
a
detailed
chart
analysis
suggesting
that
Bitcoin
might
be
on
the
cusp
of
its
most
significant
breakout
to
date.
This
analysis,
backed
by
historical
patterns
and
technical
indicators,
points
to
a
potential
shift
in
the
market
that
could
lead
to
unprecedented
price
levels
for
Bitcoin.

The

chart
provided
by
TechDev
illustrates
Bitcoin’s
price
action
in
USD
alongside
its
price
relative
to
the
M1
money
supply
(BTC/M1).
Historically,
Bitcoin
has
exhibited
distinct
phases
of
parabolic
price
increases,
known
as
“blowoff
tops,”
followed
by
sharp
corrections.
These
blowoff
tops
are
marked
with
green
check
marks
on
the
chart,
occurring
in
2011,
2013,
and
2017.
Each
of
these
peaks
was
followed
by
significant
corrections.

How To Get Free Crypto  
Bitcoin
Liquid
Index
vs
Velocity
of
M1
Money
Stock,
2-month
chart
|
Source:
X
@TechDev_52

Notably,
the
2021
peak
did
not
result
in
a
blowoff
top,
as
indicated
by
the
red
cross
on
the
chart.
This
deviation
from
historical
patterns
is
significant
because
it
suggests
a
possible
change
in
market
behavior.

TechDev’s
chart
also
highlights
a
key
pattern
known
as
the
“descending
right-angled
broadening
formation.”
This
technical
pattern
is
characterized
by
a
series
of
lower
highs
and
lower
lows,
creating
a
broadening
wedge
shape.
The
pattern
typically
signals
a
period
of
consolidation,
where
the
price
oscillates
within
the
broadening
trend
lines
before
a
decisive
breakout.
The
chart
shows
that
Bitcoin
has
recently
broken
out
of
this
broadening
wedge,
indicating
a
potential
shift
from
a
consolidation
phase
to
a
new
bullish
trend.


Related
Reading

The
analyst
commented,
“Significant.
Bitcoin
has
only
seen
blow-off
tops
after
breakouts
against
M1

money
supply.
And
the
longer
it’s
consolidated,
the
longer
it’s
run.
This
breakout
follows
the
longest
consolidation
yet.
In
fact,
it
represents
a
textbook
breakout
of
a
5
year
broadening
wedge.
The
last
5
years
have
been
corrective
against
M1.
BTC
is
once
again
impulsive
against
it
for
the
first
time
since
2017.
We’ve
never
seen
a
Bitcoin
breakout
like
this
one.”

Bitcoin
Could
Outpace
The
2021
Cycle

Another
critical
aspect
of
TechDev’s
analysis
is
the
breakout
of
Bitcoin
against
the
M1
money
supply.
The
M1
money
supply
includes
physical
currency
and
checkable
deposits,
representing
the
most
liquid
forms
of
money
in
the
economy.
TechDev
points
out
that
Bitcoin
has
broken
out
against
M1
for
the
first
time
since
March
2017.
This
breakout
is
particularly
significant
because
it
suggests
that
Bitcoin’s
recent
price
increase
is
driven
by
intrinsic
demand
rather
than
merely
an
increase
in
the
money
supply.

Coinbase Banner  
First
breakout
of
Bitcoin
against
M1
money
supply
since
March
2017
|
Source:
X

@TechDev_52


Related
Reading

TechDev
comments
on
this
breakout,
stating:
“You’re
looking
at
the
first
breakout
of
Bitcoin
against
M1
money
supply
since
March
2017
when
it
went
historically
parabolic
for
9
months.
Comparisons
and
trend
projections
involving
2021
may
end
up
dramatically
underestimating
things.
One
interpretation:
In
2021
BTC
was
carried
to
new
USD
highs
by
increased
money
supply.
In
2024
it’s
gotten
there
on
its
own
demand
(and
thus
broke
out
against
M1).
Add
the
anticipated
M1
growth
this
time
and
we
likely
see
BTC

outpace
expectations
based
in
part
on
2021.”

TechDev’s
analysis
underscores
the
importance
of
understanding
Bitcoin’s
performance
relative
to
macroeconomic
indicators
like
the
M1
money
supply.
By
breaking
out
against
M1,
Bitcoin
demonstrates
strong
intrinsic
demand,
which
is
a

bullish
signal
for
future
price
movements.
The
historical
patterns
of
blowoff
tops
following
similar
breakouts
suggest
that
Bitcoin
could
be
entering
a
new
phase
of
price
discovery,
potentially
leading
to
new
all-time
highs.

At
press
time,
BTC
traded
at
$69,032.

Bitcoin
bounced
off
the
20-day
EMA,
1-day
chart
|
Source:

BTCUSD
on
TradingView.com

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons


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