By
Godfrey Benjamin
April 29th, 2024
TechDev’s prediction appears to be a little modest compared to other known commentators in the crypto market.
TechDev, a popular analyst on the X app, has made a rather bold prediction about the price of Bitcoin (BTC). In a recent post, the pseudonymous technical analyst noted that it is a very big possibility that the BTC price will double its current value over the next three months. That is, Bitcoin could be within touching distance of $140,000 by July.
The prediction comes from signals suggested by a widely used technical analysis indicator known as Bollinger Bands. According to TechDev, Bitcoin had just closed two consecutive months above the upper Bollinger Band, a scenario that rarely happens. The analyst noted, however, that each time that Bitcoin did this in the past, it followed through with its price doubling over the next three months.
Photo: TradingView
Bollinger Bands are quite a popular indicator tool, even among rookie investors. In technical analysis, Bollinger Bands are used to measure the momentum and volatility of an asset within a certain range. Users of the tool typically interpret its signal to mean that an asset is overbought when prices touch the upper band and oversold if it touches the lower band.
Market Commentators Share Similar Bitcoin Predictions
Interestingly, TechDev’s prediction appears to be a little modest compared to other known commentators in the market. For instance, SkyBridge Capital CEO Anthony Scaramucci recently aired his opinion on Bitcoin during an interview with CNBC. Scaramucci believes that there is enough room for Bitcoin to run up to $170,000 in the current cycle. However, he did not end the prediction there.
The CEO noted that BTC could trade to half the valuation of gold in the long run. To achieve that, however, he admitted that it would have to grow its market cap by roughly six times. At that point, the BTC price could hit $400,000, Scaramucci said.
Ripple CEO Brad Garlinghouse also shared the same sense of optimism. Though his prediction is more general, Garlinghouse said the value of the entire crypto sector would double by the end of 2024 to hit a $5 trillion market cap.
Without a doubt, crypto adoption in the larger sense is now gaining momentum. However, the key drivers of the ongoing rally are none other than the upcoming halving, regulatory developments, and the increasing popularity of Bitcoin ETFs.