A closely followed crypto analyst says that several indicators are all lining up to suggest that Bitcoin (BTC) is now ready to launch into a new chapter.
The pseudonymous analyst known as TechDev tells his 406,000 Twitter followers that he believes Bitcoin follows global cycles of dollar liquidity, which he portrays with a chart that pits Chinese ten year bonds (CN10Y) against the US dollar index (DXY).
He also points out that Bitcoin’s moving average convergence divergence (MACD) indicator, which aims to pinpoint reversals, has flipped bullish on the monthly timeframe.
“When liquidity flows, Bitcoin moves.
CN10Y/DXY broke above its one-year moving average…
And its monthly MACD has crossed bullish.
Five out of the last five times, a major BTC impulse followed.
What happens this time?”
TechDev reiterates the similarities in market cycles between the CN10Y/DXY and Bitcoin to support his thesis.
CN10Y / $DXY … leads #Bitcoin. pic.twitter.com/ztc3nQyaux
— TechDev (@TechDev_52) December 9, 2022
The analyst also compares the CN10Y/DXY…