Bitcoin (BTC) in July: An explosion is on the horizon with a configuration similar to 2020!

According to this crypto analyst, bitcoin (BTC) could see an explosion in value in July. He points to a pattern reminiscent of the asset’s price structure in 2020. Departing from the traditional four-year cycle theory, this analyst sees things from a different angle. But only time will tell if this month will be as fruitful as November 2020 for BTC.

A pattern reminiscent of November 2020

According to crypto analyst TechDev, bitcoin (BTC) could explode in July. He announced to his 413,000 Twitter followers that BTC appears to be mirroring the November 2020 price movement. His chart suggests that BTC is currently displaying three technical signals reminiscent of the November 2020 market structure.

Firstly, BTC has confirmed the breakout of diagonal resistance, after surpassing it in January and retesting it in March. Secondly, the chart shows that BTC is currently respecting horizontal support after bouncing off it at the end of June. Finally, as regards the RSI, the momentum indicator has exceeded its 14-month simple moving average (SMA). The crypto queen then retested the support and headed back up. All three signals appeared in November 2020, before bitcoin (BTC) went from over $10,000 to $60,000 in just a few months.

A more complex Bitcoin (BTC) cycle in the making

TechDev analyst said we’ll find out later whether July 2023 will equal November 2020 for bitcoin (BTC). According to him, something a little more complex may be afoot. This theory is a far cry from forecasts based on the traditional four-year cycle theory used by many market players.

It looks like we’re in for the same wave of macro momentum that began in 2019. Or perhaps we’ll see an early structure similar to the last sub-impulse in late 2020, he points out. Or that the four-year cycle, if it exists, is driven by liquidity, not by Bitcoin (BTC) halving. Perhaps we’re facing the early stages of a parabolic phase, similar to that of late 2015-2016.