Bitcoin Set for Massive Surge? Analyst Sees Parallels with Historic Japanese Market Boom

A well-known cryptocurrency analyst believes Bitcoin (BTC) is currently showing similarities to the historic surge experienced by the Japanese stock market nearly 40 years ago.

The analyst, known as TechDev, has been sharing comparative charts on X, illustrating how Bitcoin’s movements since 2010 align with the Nikkei 225 index’s performance from 1950 to 2000.

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— TechDev (@TechDev_52) September 1, 2024

TechDev’s analysis suggests that Bitcoin might reach a price of $760,000 between 2028 and 2029 before entering a prolonged bear market. As of now, Bitcoin is valued at $59,621.

Additionally, TechDev has posted charts comparing Bitcoin’s price with Chinese 10-year bonds (CN10Y) and the M2SL, a measure of U.S. money supply.

The analyst implies that a rise in CN10Y relative to M2SL could trigger significant Bitcoin price increases.

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— TechDev (@TechDev_52) August 30, 2024

In a recent newsletter, TechDev expressed a positive outlook despite the recent downturn in the crypto market. He noted the prevalent fear among investors and contrasted it with past market reactions, suggesting that current conditions are merely temporary noise amidst a generally upward global macro trend.

TechDev highlighted that extreme sentiment swings are typical in speculative markets and expects similar patterns to continue, with broader market trends remaining favorable.