A cryptocurrency analyst known for his broad Bitcoin predictions believes BTC is on the verge of a significant price surge, leading to a dramatic peak.

The analyst, who goes by the pseudonym TechDev, shared with his 456,200 followers on the social media platform X that Bitcoin’s trading range on the five-day chart is at its narrowest in eight years.

A tight trading range during an upward trend suggests that buying pressure is nearing the price point sellers are willing to accept. This price compression often results in a breakout. TechDev uses logarithmic Bollinger bands to measure Bitcoin’s historical volatility.

TechDev states, “A historic move is imminent. Bitcoin’s five-day bullish compression has reached its highest level in eight years.”

As Bitcoin’s trading range tightens, TechDev anticipates that the upcoming breakout will lead to sharp and swift price rallies. He points to the BTC versus M1 money supply chart, noting a recent "textbook breakout."

According to TechDev, this breakout indicates that Bitcoin is set for a rapid increase and will conclude this cycle with a dramatic peak, similar to the bull markets of 2017, 2015, and 2013.

He explains, “This is significant. Bitcoin has only seen blow-off tops after breakouts against the M1 money supply. The longer it consolidates, the longer its run. This breakout follows the longest consolidation yet, representing a textbook breakout of a five-year broadening wedge. BTC is showing impulsive behavior against M1 for the first time since 2017. We’ve never witnessed a Bitcoin breakout like this one.”

The M1 money supply measures the liquidity in the US financial system by summing up all physical money, demand deposits, traveler’s checks, and other checkable deposits.

At the time of writing, Bitcoin is trading at $69,060, up more than 1% in the past day.

In summary, TechDev's analysis points to an imminent and significant Bitcoin price surge, driven by a unique breakout pattern against the M1 money supply.