Crypto Analyst TechDev Predicts a Bitcoin Bull Trap
Crypto analyst TechDev, who boasts a following of 467,000 on X (formerly Twitter), believes that Bitcoin (BTC) is currently in the midst of a “bear trap” before a significant price surge. TechDev, known for his pseudonymous nature, uses charts to illustrate his theory, which suggests Bitcoin’s market cycles proceed through several stages, starting with “accumulation” and culminating in a “bull trap.”
According to TechDev, Bitcoin is currently in the “bear trap” phase, which will be followed by a surge in optimism, fueled by FOMO (fear of missing out), before reaching a peak and entering a bull trap. This prediction is backed by his observations of the dominance of Tether (USDT) in the crypto market, which he interprets as a bearish sign. TechDev suggests that stablecoins like USDT will soon be swapped for other digital assets, leading to a price increase.
Drawing a parallel between Bitcoin’s historical price action and the Nikkei 225, Japan’s major stock market index, TechDev predicts that Bitcoin could potentially reach a price of $760,000 between 2028 and 2029, followed by a multi-year bear market similar to the Nikkei’s decline in the 1990s.
TechDev’s bullish stance extends beyond the current bear trap. He views the recent downturn in the crypto market as an opportunity, emphasizing the importance of staying calm amidst market volatility. He notes that “the last two years have reflected this more than any other time in the crypto market – it doesn’t move up until X is scared absolutely shitless.” TechDev also highlights the cyclical nature of speculative markets and encourages investors to maintain a long-term perspective, emphasizing that the global cycle continues to point upward.
At the time of writing, Bitcoin is trading at $54,435, showing a slight gain for the day.
It’s important to note that TechDev’s predictions are based on his analysis and should not be considered investment advice. Investors are encouraged to conduct thorough due diligence before making any investment decisions.
