A closely followed crypto analyst and trader is updating his big price prediction for Bitcoin (BTC) in 2022.
The pseudonymous analyst known as TechDev was previously expecting a huge blow-off top for Bitcoin in late 2021 or early 2022, but now, he tells his 323,000 Twitter followers that a cycle top for BTC is coming at some point this year.
Using two-week candles on a chart that incorporates logarithmic growth curves and Fibonacci levels, TechDev says that a close above the middle level will likely act as the trigger to send Bitcoin on a parabolic rally above the $200,000 mark.
“After more research, I’ve come to believe this next (possibly final) impulse will come after a two-week close over the cycle 1.618, as they always have.
If this happens, it may provide a timeline estimate, but it honestly does not matter, and I don’t plan to focus on it.”
While the analyst still takes halving-based cycles into account with Bitcoin, he doesn’t have an exact timeline for when Bitcoin peaks. According to TechDev, BTC will follow previous cycles by launching off the 1.472 Fibonacci level – currently around $48,000 – into a final leg that extends well into the six figures.
“Some believe the cycle already ended, some believe it tops in Q1, some later, some never.
I believe in data-based probability with invalidation points, which to me suggests the top is not in, but it will be this year.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
The post Top Crypto Analyst Updates Massive Bitcoin Prediction for This Year – Here’s His Target appeared first on The Daily Hodl.
