According to this crypto analyst, bitcoin (BTC) could experience a boom in July. He points to a pattern reminiscent of the asset’s price structure in 2020. Departing from the traditional four-year cycle theory, this analyst sees things from another angle. But only time will tell if this month will be as successful as November 2020 for BTC.
A configuration similar to that of November 2020
According to the crypto analyst with the handle TechDev, bitcoin (BTC) could explode in July. He announced to his 413,000 Twitter followers that BTC appears to mirror the November 2020 price movement. His chart suggests that BTC is currently displaying three technical signals reminiscent of the November 2020 market structure.
First, BTC confirmed breaking diagonal resistance after breaking above it in January and retesting it in March. Next, the chart shows that BTC is currently respecting horizontal support after it bounced off it in late June. Finally, regarding the RSI, the momentum indicator has broken above its 14-month simple moving average (SMA). The queen of cryptos then retested the support and started to rise again. These three signals also appeared in November 2020 before bitcoin (BTC) went from over $10,000 to $60,000 in a matter of months.
A more complex bitcoin (BTC) cycle is brewing
Analyst TechDev said that we will find out later if July 2023 will equal November 2020 for bitcoin (BTC). According to him, it could be that something a little more complex is brewing. This theory departs from forecasts based on the traditional four-year cycle theory that many market participants use.
It would appear that we are in the same macro impulse wave that started in 2019. Or perhaps we will see an early pattern similar to the last sub-impulse in late 2020, he points out. Or that the four-year cycle, if it exists, is fueled by liquidity, not the bitcoin (BTC) halving. Perhaps we are facing the early stages of a parabolic phase, similar to the one at the end of 2015-2016.
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