A crypto analyst who is closely watched by many believes that despite the recent correction below $60,000, Bitcoin (BTC) is showing a positive signal. TechDev, a pseudonymous analyst with a large following on the social media platform X, suggests that a key indicator indicates that Bitcoin may soon experience a parabolic move.

According to TechDev, the two-week Gaussian channel has turned green, which has only happened once before in Bitcoin’s history. The previous occurrence of this indicator flipping green was followed by a consolidation in price at the prior high, which marked the midpoint of a parabolic move that caught many by surprise.

Gaussian channels are momentum indicators used to identify price tops and bottoms. By looking at the two-week chart, TechDev points out that Bitcoin is forming a pattern similar to the one seen in 2017, which led to a significant rally.

The analyst then explores the Chaikin Money Flow (CMF), a metric that measures the volume-weighted average of accumulation and distribution over a specific period. Using the CMF metric, TechDev highlights that Bitcoin is above the bullish line on the four-week chart for the fourth time.

TechDev provides a chart that shows Bitcoin was also above the same line in late 2016, early 2013, and early 2011, just before it experienced parabolic moves.

The analyst concludes by stating that this is the first four-week parabolic money flow signal on Bitcoin since 2017. They dismiss the idea of “lengthening cycles” and emphasize that Bitcoin has been in an uptrend since its inception. The same signal that predicted the previous three blowoff moves is now indicating another one.

At the time of writing, Bitcoin is trading at $60,586, experiencing a 4.6% decrease in the last 24 hours.

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