Last Time This Indicator Flashed, Bitcoin All-Time Highs Were Two Months Away, According to Crypto Analyst
One indicator is suggesting that new all-time highs for Bitcoin (BTC) are no more than two months away, according to a closely followed crypto analyst.
The pseudonymous analyst TechDev tells his 425,000 followers on the social media platform X that Bitcoin’s on-balance volume (OBV), a trend indicator that uses volume flow to anticipate price changes, is hinting at new highs around the corner for BTC.
According to TechDev, the OBV is currently flashing the same signal that preceded Bitcoin’s rise to new all-time highs (ATHs) in 2017 as well as in 2021.
“It’s interesting. Bitcoin’s two-month OBV is at new highs. Historically, it’s meant a new ATH was no more than two months away… And a top was six to 10 [months away].” – TechDev
TechDev’s chart suggests that each time the OBV makes a new high, Bitcoin also makes a new high within one candle on the two-month chart.
TechDev also recently said that another indicator, which according to him “has never missed,” recently flashed bullish in favor of Bitcoin.
The analyst said that the Vortex Indicator (VI) is once again signaling the start of a Bitcoin bull market.
The VI is used in technical analysis to spot trend reversals and confirm current trends. Based on the analyst’s monthly chart of BTC, the VI indicator has accurately nailed the start of strong Bitcoin rallies in three previous instances, and it is flashing bullish now for the fourth time.
“A rare Bitcoin buy signal which has never missed.” – TechDev
At the time of writing, Bitcoin is trading at $43,905.
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