TechDev: BTC will grow by 120%

Popular cryptocurrency analyst TechDev is predicting a new target price for bitcoin, claiming that the market leader is beginning to repeat its previous growth cycle. The expert shared with his 448,000 followers on the X platform a graph comparing the current Bitcoin market cycle with the 2020−2021 cycle.

Applying Elliot’s theory, which traditionally suggests that an asset goes through five major growth waves, TechDev suggests that BTC is in the last phase of a bullish movement that could push its price into the six-figure range by the end of this year. He points out that«the impulsive structure of the last 1.5 years suggests $ 90,000-$ 100,000 as the next target for BTC.»

TechDev also notes that the Relative Strength Index (RSI) has cooled off, which bodes well for «another big move up» for BTC. The crypto expert recently predicted that BTC will experience a rise of more than 120%, similar to what happened in late 2020, when the major virtual asset jumped from around $ 13,000 to more than $ 29,000 in just two months.

The expert notes: «Bitcoin's two-month candle is exactly at the body height of the previous candle, shortly after the maximum price compression, when the RSI is preparing to cross the 70 mark. These were the conditions that led to the last three parabolic accelerations. I’m guessing the next two-month candle will be as high as it was in November 2020.»

As a reminder, today, May 6, bitcoin has grown significantly, regaining the $ 64,000 level. At the time of writing, the market leader is trading at $ 64,184.