Pseudo-crypto analyst TechDev on Bitcoin $54,501.99 and suggests that digital assets are in the midst of a massive bear trap. In a chart shared with his 467,000 followers on social media platform X, TechDev notes that Bitcoin’s market cycles consist of a series of phases, starting with “accumulation” and ending with a bull trap.
Bitcoin Cycle Phases
According to TechDev, Bitcoin is currently in a “bear trap” phase. This phase is preceded by “re-optimism,” “FOMO” (fear of missing out), and “exuberance,” before peaking and entering a bull trap. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“Clearly, there is extreme fear in the market. The retest of the $25,000 levels that doom-posters have been saying for the last two weeks, to $48,000, was full of ‘told you’ comments. At the same time, this just seems like noise to me at a time when global macro conditions are pointing upwards.”
The State of Stablecoins
The analyst also thinks that USDT dominance in the crypto markets is on the decline and suggests that stablecoins will soon be traded for other digital assets on a large scale, which will drive up prices.
Bitcoin vs Nikkei 225 Comparison
TechDev compared Bitcoin’s historical price action to the Nikkei 225, Japan’s largest stock index. Based on TechDev’s charts, it suggested that Bitcoin could rise to $760,000 between 2028 and 2029, followed by a multi-year bear market.
“This is often the case in most speculative markets, but the last two years have reflected this more than any other time in the crypto market – the price doesn’t go up until everyone is filled with fear. This was the case after the FTX crash at $15,000, after the regional bank failure at $20,000, after the ETF crash at $38,000, and now.”
Last month, TechDev expressed optimism about the recent decline in the crypto market, predicting that the market would rise along with the current global cycles.
At the time of writing, Bitcoin is valued at $54,435, showing a slight increase during the day.
According to TechDev’s analysis, Bitcoin is currently in a bear trap phase. Stablecoins are expected to be traded for digital assets on a large scale soon, driving up prices. It suggests that Bitcoin could reach $760,000 in 2028-2029, after which it could experience a multi-year bear market.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
