Bitcoin's Price Stalls, But Expert Predicts an Epic Bull Market

Bitcoin's price has remained largely unchanged in the past week, with minimal movement following its halving event. Despite the influx of funds from newly approved Bitcoin ETFs, the price has hovered around $63,774. However, crypto strategist TechDev predicts a significant bull run for Bitcoin, suggesting it could surge by over 110%, mirroring the price eruption seen in November 2020.

Bitcoin Exhibits Tepid Price Movement, but a Cryptocurrency Strategist Anticipates an Epic Bull Run

Within the past week, Bitcoin's price trajectory has remained relatively unremarkable, demonstrating minimal fluctuations following its much-anticipated halving event. At the time of writing, Bitcoin hovers around $63,774, having experienced only slight variations throughout the week. This lackluster price action has accompanied an influx of capital from recently approved U.S. spot Bitcoin exchange-traded funds (ETFs).

However, TechDev, a prominent crypto strategist, foresees an impending bullish scenario for Bitcoin.

Potential Repetition of Bitcoin's November 2020 Price Surge

On the micro-blogging platform X, TechDev highlighted that Bitcoin's two-month chart conditions suggest the leading cryptocurrency is poised for exponential growth.

TechDev predicts a potential surge of over 110% for Bitcoin, mirroring its price movement in November 2020. During that period, Bitcoin experienced a meteoric rise from approximately $13,000 to nearly $29,000 within two months.

An accompanying chart underscores Bitcoin's remarkable rallies in 2013, 2016, and 2020. During these instances, Bitcoin's momentum indicator, the relative strength index (RSI), exhibited a bullish reading of 70.

TechDev further notes that Bitcoin's volatility indicator, as depicted by Bollinger Band Width (BBW), reached its lowest point during those three periods. It is notable that extended periods of low volatility often precede strong directional bias, implying that Bitcoin was preparing for a significant move.

Consensus on Bitcoin's Bullish Trajectory

TechDev maintains that Bitcoin is unlikely to experience a price collapse, stating, "Please also point out the 'pullbacks/crashes/dumps' many have freaked about over the last eight months."

While TechDev remains highly optimistic about the potential for another sharp Bitcoin rally, cryptocurrency strategist DonAlt expresses caution.

DonAlt warns that support at the $60,000 level appears weak after facing multiple tests. He elaborates, "Back to the same old level. The more often it's tested the more likely it is to break. I think even bulls would want to get a washout below it at this point. Complacency until proven otherwise (as in until $68,000 is reclaimed or range is lost and then reclaimed again)."

Crypto expert Michaël van de Poppe expects Bitcoin to remain within a range for the next 3-6 months. However, he anticipates altcoins to experience significant divergence, delivering long-awaited gains for holders.