Bitcoin (BTC) has recently shown a signal that hasn’t been seen since the 2017 bull market, according to a well-known crypto strategist. TechDev, an analyst with a large following on the social media platform X, points out that Bitcoin’s performance against the M1 money supply chart has breached the resistance of the exponential moving average Bollinger Bands on the monthly chart. This is a similar occurrence to what happened in the early months of 2017, which led to Bitcoin’s massive gains of over 2,600% in less than a year.

TechDev believes that this signal indicates that traders and investors are currently underestimating Bitcoin’s potential in this market cycle. He suggests that comparisons and projections based on 2021 may not accurately capture the future growth of Bitcoin. In 2021, Bitcoin’s rise in value was driven by increased money supply, but in the future, it may reach new highs based on its own demand. When considering the anticipated growth in the M1 money supply this time, TechDev speculates that Bitcoin could outperform expectations and potentially reach over $400,000 in less than a year, similar to its performance in 2017.

Despite the seemingly outrageous prediction, TechDev acknowledges that it may be difficult to believe, just as it was difficult to believe that Bitcoin could go from $1,000 to $20,000 in a year. At the time of writing, Bitcoin is currently trading at $67,844.

It’s important to note that the opinions expressed by TechDev are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl, where the article originated, does not recommend buying or selling cryptocurrencies and is not an investment advisor.