A popular crypto analyst says Bitcoin (BTC) will defy all traditional theories of its market cycles next year.
The pseudonymous analyst known as TechDev tells his 402,000 Twitter followers that BTC will defy conventional wisdom that its price cycles are determined by halving cycles.
Halving cycles are the four-year intervals in which block rewards for Bitcoin miners are halved, which many investors believe has played a role in putting pressure on the price. TechDev predicts that BTC is largely ignoring the upcoming halving, likely to occur in mid-2024, and instead turning bullish early next year.
TechDev predicted that a rebound in Bitcoin next year will coincide with a weakening in the US dollar, which he pinpoints against China’s ten-year bonds to describe a cycle of global liquidity.
“2023 to challenge the halving theory.”
The analyst also argue that Bitcoin peaked in April 2021, rather than November, implying that the bear market is deeper than many believe and therefore closer to a reversal. He uses Litecoin (LTC) as an example of a coin that made a lower high in November, rather than the slightly higher abnormal high seen in Bitcoin.
“BTC” topped “April 2021 imo.
The structure of LTC (orange) is easier to digest for most.
Parabolic vs distributive top, making Nov 21 a lower top.
The majority still does not seem to understand that corrective waves can reach new heights.
I used to be part of the majority.
At the time of writing, Bitcoin is trading at $16,798.
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