‘Rapid Move to New Highs’? – Analyst Says BTC Could Rally Like Amazon’s (AMZN) Parabolic Recovery in 2010
A closely followed crypto analyst says that Bitcoin (BTC) could be in the midst of repeating a pattern once displayed by Amazon’s stock (AMZN) over a decade ago.
Pseudonymous analyst TechDev shares with his 423,000 followers on the social media platform X a chart that compares BTC’s price action over the last 3 years to AMZN in 2010 and 2011.
According to TechDev, both charts show the respective assets forming double tops, then a drastic correction to previous all-time highs before a sudden parabolic move to all-time highs with little to no dips along the way.
“Here’s that time AMZN retested its prior all-time high with an expanded flat correction.
Just as BTC did.
Then here’s a dissection of the structural similarities of both flats.
Green line is where BTC has moved to since the chart.
A rapid move to new highs from
here would not be unusual for expanded flat retests of a prior ATH, if you can move past the herd narrative regarding the halving.
Not a guarantee. $32,000 retest scenario still on the table.
But if we are up only to new highs from here, I would not be surprised.
When structural analogs work, it’s because mass human speculative behavior doesn’t change, regardless of asset.”
Source: TechDev/X
The analyst has previously taken note of Bitcoin’s Vortex Indicator (VI), which was designed to spot trend reversals and confirm current trends.
TechDev shares a monthly chart of BTC that appears to show that the VI has had a near-perfect track record in signaling bull markets. He calls the bullish flip of the VI the “parabolic signal” for Bitcoin.
“Bitcoin Parabolic Signal.”
Source: TechDev/X
Generated Image: Midjourney
