Bitcoin analyst TechDev, with a large following on X, has identified a bullish signal for the cryptocurrency despite its recent dip below $60,000. According to TechDev, a key indicator is suggesting that Bitcoin may be on the verge of a parabolic move.

TechDev points to the two-week Gaussian channel, a momentum indicator that can identify price tops and bottoms. He notes that the channel has turned green, a rare event in Bitcoin history, and that this occurred just before a significant rally in the past.

In addition to the Gaussian channel, TechDev also looks at the Chaikin Money Flow (CMF), a metric that measures accumulation and distribution over a set period. He highlights that Bitcoin is currently above the bullish line on the four-week chart, a signal that has historically preceded parabolic moves.

According to TechDev, this is the first time since 2017 that Bitcoin has shown this kind of parabolic money flow signal. He dismisses the idea of “lengthening cycles” and argues that Bitcoin has been in an uptrend since its inception.

As of the time of writing, Bitcoin is trading at $60,586, down 4.6% in the last 24 hours.

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