A new study confirms that Bitcoin (BTC) has “at least one bullish momentum” before it reaches an all-time high in this halving cycle.
In a series of tweets about the current state of the BTC price, a well-known TechDev analyst claimed that, contrary to many opinions, there is nothing unusual about BTC / USD in 2022.
Bitcoin in 2021: Nothing to see here
The 40% drop from the November record of $ 69,000 is still ongoing, sentiment has also been hit – “extreme fear” is still a feature of the bitcoin and crypto markets.
TechDev, which is notoriously bullish on Bitcoin’s prospects, has nothing to worry about.
By analyzing new wallet addresses associated with price action, he showed that last year’s scenario – new address numbers make lower heights while the price soars – is far from unique.
“In 4 out of 6 retracements, we saw divergence with price that gave higher heights and new names that made lower heights,” the two posts commented.
“… For me, all six are working on fixes, and the downgrade supports them as well.”
This lower volume has previously attracted headlines as part of concerns that the BTC / USD may see too large movements due to lack of liquidity.
In general, however, price movements relative to Fibonacci levels remain within historical parameters, TechDev added, so there is no reason to assume that another all-time high will not be reached before the start of the bearish phase.
He concluded: “The current update (since February 2021) takes place between the same push-pull log fibers where the running update always takes place, with local volume reduction and new addresses.”
New bitcoin address (two-week moving average) on BTC / USD chart with Fibonacci levels. Source: TechDev / Twitter
waiting for improvement
As reported by Cointelegraph, over the past year, interest in bitcoin in general has fallen, especially when it comes to retail investors.
Related: Up or Down? Traders disagree on whether bitcoin will continue to rise
However, experienced traders are still on hold and influence is close to all-time highs and institutions tend to re-enter the market.
Meanwhile, in the fourth quarter of this year, TechDev began highlighting trends in the Bitcoin Relative Strength Index (RSI), which once again showed that an all-time high was about to be set.
Data from Cointelegraph Markets Pro and TradingView show that the RSI remains largely “oversold” for BTC / USD, which has unanimously led to a reversal and upward pressure on prices in the past.