Bitcoin
Bitcoin Intermittent Signal That Preceded Nine-Month Parabolic Rally, According to Crypto Strategist
A Closely Followed Crypto Strategist Says Bitcoin (Bitcoin) has just issued a signal last seen before the dramatic rallies of the 2017 bull market cycle.
Pseudonymous analyst TechDev told his 452,600 followers on social media platform
According to TechDev, the same thing happened in the first months of 2017, before Bitcoin posted gains of more than 2,600% in less than a year.
“You are looking at Bitcoin’s first breakout from the M1 money supply since March 2017, when it was historically parabolic for nine months.”
Source: Technological Development/X
The M1 money supply tracks the amount of liquidity that is flowing into the U.S. financial system by summing up all physical money, including coins and currency, demand deposits, traveler’s checks, and other verifiable deposits.
According to TechDev, the signal suggests that traders and investors are underestimating Bitcoin’s upside potential in this market cycle.
“Comparisons and projections of trends involving 2021 could end up dramatically underestimating things…
An interpretation:
In 2021, BTC reached new dollar highs due to the increase in money supply.
In 2024, it got there on its own demand (and therefore broke out against M1).
Add in the predicted M1 growth this time around and we will likely see BTC surpass expectations based in part in 2021.”
TechDev says BTC could soar to over $400,000 in less than a year if it follows in the footsteps of the 2017 bull market.
“I know it’s ridiculous. It’s not my decision. $70,000 > $420,000 in one year seems crazy, as does $1,0000 > $20,000. I wouldn’t have cared about that either.
Source: Technological Development/X
At the time of writing, Bitcoin is trading at $67,844.
Don’t miss a beat – Subscribe to receive email alerts directly to your inbox
To check Price Action
Follow us on X, Facebook It is Telegram
To surf Hodl’s daily mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3