According to a well-known analyst, Bitcoin (BTC) is poised for a significant surge in price, despite its recent period of stagnation. The anonymous crypto strategist, known as TechDev, has shared his prediction with his 447,600 followers on the social media platform X, stating that the conditions on Bitcoin’s two-month chart indicate that the cryptocurrency is on the verge of a price explosion. TechDev believes that BTC could rally by more than 120%, similar to the surge it experienced in late 2020 when it jumped from around $13,000 to over $29,000 in just two months.

TechDev points out that Bitcoin has seen parabolic surges in the past, specifically in 2013, 2016, and 2020, when its relative strength index (RSI) went above the bullish 70 level. He also notes that during these instances, Bitcoin’s volatility indicator, the Bollinger Bands Width (BBW), reached its lowest point, indicating that BTC was preparing for a significant price increase. Given that Bitcoin is currently exhibiting the same conditions, TechDev believes it is unlikely for the cryptocurrency to experience a price collapse. He also dismisses concerns about recent pullbacks, crashes, and dumps, stating that these are normal occurrences in the volatile crypto market.

However, not all analysts share TechDev’s optimism. DonAlt, another crypto analyst who accurately predicted the bottom of the Bitcoin market in 2022, warns that the support level at $60,000 is vulnerable and has been tested multiple times. DonAlt suggests that if the support level is tested too frequently, it is more likely to break, and even bullish investors might prefer a temporary drop below it. DonAlt advises caution and suggests waiting for Bitcoin to reclaim the $68,000 level or for a clear range breakout before making any investment decisions.

As of now, Bitcoin is valued at $63,524. It remains to be seen whether TechDev’s prediction of a parabolic surge will come to fruition or if DonAlt’s concerns about the support level will prove accurate. Investors are advised to conduct their own research and exercise caution when making investment decisions in the volatile cryptocurrency market.

Please note that the opinions expressed in this article are not investment advice. Investors should perform their own due diligence before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are conducted at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse or recommend the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.