Bitcoin (BTC) is expected to experience a significant surge in price, according to a popular analyst. TechDev, a pseudonymous crypto strategist with a large following on the social media platform X, believes that the conditions on Bitcoin’s two-month chart indicate that a price explosion is imminent. TechDev predicts that BTC will rally by more than 120%, similar to the surge that occurred in late 2020 when Bitcoin’s price jumped from around $13,000 to over $29,000 in just two months.

Analyzing the trader’s chart, it becomes evident that Bitcoin has witnessed parabolic surges in the past, specifically in 2013, 2016, and 2020. These surges coincided with the relative strength index (RSI) surpassing the bullish 70 level. TechDev also notes that Bitcoin’s volatility indicator, the Bollinger Bands Width (BBW), reached its lowest point during these instances, indicating that BTC was preparing for a significant price increase. Given that Bitcoin is currently replicating these exact conditions, TechDev believes it is unlikely for BTC to experience a price collapse.

While TechDev is optimistic about Bitcoin’s potential for another parabolic run, fellow crypto analyst DonAlt holds a different view. DonAlt, who accurately predicted the 2022 Bitcoin bottom, warns that the support level at $60,000 appears vulnerable after being tested multiple times. He suggests that even bullish investors would prefer to see the price drop below this level before a potential rebound. DonAlt advises caution until Bitcoin reclaims the $68,000 level or until the price range is lost and then reclaimed again.

As of now, Bitcoin is valued at $63,524. Investors are advised to conduct thorough research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl does not provide investment advice and is not responsible for any losses incurred by individuals.