TechDev Predicts Bitcoin’s Bear Trap

by Giorgi Kostiuk

2 years ago

Bitcoin’s Cycle Stages
Stablecoins Situation
Bitcoin and Nikkei 225 Comparison

The pseudonymous crypto analyst TechDev suggests that Bitcoin and digital assets are in the midst of a massive bear trap. TechDev, in a chart shared with his 467,000 followers on social media platform X, indicates that Bitcoin’s market cycles consist of a series of stages starting with “accumulation” and ending with a bull trap.

Bitcoin’s Cycle Stages

According to TechDev, Bitcoin is currently in the “bear trap” stage. This stage precedes the “renewed optimism,” “FOMO” (fear of missing out), and “euphoria” stages. Afterward, it peaks and enters a bull trap.

Clearly, there is extreme fear in the market. For the past two weeks, the comments at $25,000 from those doom-posting were filled with ‘told you’ remarks as we retested levels and reached $48,000. At the same time, during a period when global macro conditions point upwards, this just sounds like noise to me.None

Stablecoins Situation

The analyst also believes that USDT dominance in crypto markets is declining and that stablecoins will soon be exchanged on a large scale for other digital assets, which will increase prices.

Bitcoin and Nikkei 225 Comparison

TechDev compared Bitcoin’s historical price movements with Japan’s largest stock index, the Nikkei 225. Based on TechDev’s charts, Bitcoin could rise to $760,000 between 2028 and 2029 and then experience a multi-year bear market.

This is usually the case in most speculative markets, but the last two years have reflected this more in the crypto market than at other times – the price does not rise until everyone is filled with fear. This was the case at $15,000 after the FTX collapse, $20,000 after regional banks’ failures, $38,000 after the ETF drop, and now as well.None

At the time of writing, Bitcoin’s value is $54,435, showing a slight increase during the day. According to TechDev’s analysis, Bitcoin is currently in a bear trap stage. He believes stablecoins will soon be exchanged on a large scale for digital assets, increasing prices. Bitcoin could reach $760,000 in 2028-2029 and then experience a multi-year bear market.

Other news

Kraken Enhances Crypto Trading with Tether Gold Listing

Kraken has recently added Tether Gold to its trading menu, providing traders with enhanced options for commodity-backed assets within the crypto market.