Bitcoin on Path To Replicate Nasdaq’s 2014 Rally Says Analyst, BTC Price Eyes $120,000 Amount

Bitcoin is presently in a part of consolidation and disbelief after weeks of aggressive volatility and uncertainty. This era follows a sequence of corrections and uninteresting consolidations, which frequently precede vital market strikes. 

Traditionally, Bitcoin’s value motion tends to construct momentum throughout such phases, setting the stage for doubtlessly explosive progress.

Outstanding crypto analyst and investor TechDev has shared an intriguing evaluation evaluating Bitcoin’s present cycle to the Nasdaq’s historic efficiency. In line with TechDev, the parallels between BTC and the Nasdaq counsel that the crypto market may very well be gearing up for an thrilling upward trajectory. 

As traders carefully monitor these patterns, anticipation builds for the subsequent massive transfer in Bitcoin’s value. The approaching weeks may very well be pivotal in figuring out whether or not this consolidation part will result in one other robust rally.

Bitcoin Vs Nasdaq: Is a Macro Leg Imminent?

The Bitcoin market is presently grappling with vital uncertainty, regardless of the Federal Reserve (FED) Chairman Jerome Powell’s announcement final Friday, signaling a possible shift in coverage with an anticipated rate of interest reduce in September. 

Whereas this information initially sparked optimism, the broader market stays apprehensive, reflecting the advanced dynamics at play.

Amid this uncertainty, nevertheless, some traders and analysts preserve a optimistic long-term outlook for BTC. One such analyst is TechDev, who has lately offered an intriguing evaluation evaluating Bitcoin’s present month-to-month chart to the Nasdaq’s two-month chart from 2014. At the moment, the Nasdaq was buying and selling round $12 earlier than embarking on an enormous macro bull run that ultimately reached its present ranges close to $70.

TechDev’s evaluation means that Bitcoin could also be on the cusp of an identical macro leg up, projecting a state of affairs the place Bitcoin may expertise a considerable rally, doubtlessly mirroring the Nasdaq’s historic rise. This comparability is especially compelling given the market construction and sentiment parallels between the 2 charts.

Whereas the rapid market sentiment is cautious, with many merchants nonetheless cautious of potential draw back dangers, the long-term confluence indicated by TechDev’s evaluation gives a extra bullish perspective. 

If Bitcoin follows a path just like the Nasdaq, it may very well be poised for a major upward trajectory within the coming months, defying the present market uncertainty and paving the best way for brand spanking new all-time highs.

BTC Value Motion

Bitcoin is buying and selling at $63,800 when writing, positioned above its every day 200 transferring common (MA) at $63,420. This can be a vital growth, as three consecutive every day candles have closed above this degree, signaling energy for the bulls. 

The 1D 200 MA is a essential indicator for figuring out the continuation of a pattern, and holding above it means that BTC may very well be poised to maneuver towards increased ranges.

Nevertheless, the market isn’t with out its dangers. There’s nonetheless the likelihood that BTC may take a look at decrease demand round $61,300, which might nonetheless preserve the general bullish construction. Testing this degree is likely to be crucial to assemble momentum for the subsequent leg up, however dropping the 1D 200 MA can be regarding. 

A drop under this significant transferring common may point out weakening energy within the present uptrend and doubtlessly sign a shift in market sentiment. Due to this fact, holding above the 1D 200 MA stays very important for sustaining Bitcoin’s bullish outlook.

Cowl picture from Dall-E, chart from Tradingview