dailyhodl.com
Bitcoin’s (BTC) chart appears to be mirroring a Japanese stock market index, according to one popular crypto analyst.
The pseudonymous trader known as TechDev shares charts with his 465,800 followers on the social media platform X comparing BTC to the Nikkei 225, a price-weighted index that tracks 225 blue-chip companies trading on the Tokyo Stock Exchange.
“Haven’t seen much else like it.
Log growth cycles have existed well before Bitcoin. Different assets. Different decades. Same species. Without looking at time or price, most would think the first half of the Nikkei’s chart is Bitcoin’s. It must have had a halving every 10 years…
Bitcoin’s latest leg consistently shows more volatility, but the trend doesn’t care.”
TechDev’s chart suggests Bitcoin could crack $1 million in 2027 before correcting sharply. The top-ranked crypto asset by market cap is trading at $60,492 at time of writing.
The analyst also shares a chart comparing BTC to the Nasdaq.
“Confluence for a longer macro leg than many expect. Back at new highs.”
Earlier this month, TechDev noted in a newsletter that he was optimistic about the recent downturn in the crypto market.
“Obviously, there is extreme fear in the market. The last two weeks were filled with ‘told you’ comments from doomer bears – on a retest to $48,000 levels they previously said would never be reached the last time they were doom-posting at $25,000.
Exactly what I like to see. The fact that it came at a time when global macro conditions are pointing up makes it nothing more than two weeks of loud noise to me. More like the last six months.
It’s usually the case in all speculative markets, but the last two years have reflected this more than any other time in the crypto market – it doesn’t move up until X is scared absolutely shitless. That was the case at $15,000 after the FTX crash, at $20,000 after regional banks were failing, at $38,000 after the brutal post-ETF wick, and now.
What you’ll also recall is how much sentiment can whiplash in a couple of weeks. Expecting it again. All the while, the global cycle continues to point higher.”
Generated Image: DALLE3