Markets
According to a cryptocurrency analyst, altcoins are ready to conquer the first major market expansion since 2021: here are his prospects
A famous crypto analyst says that technical indicators suggest that altcoins are about to go parabolic.
Pseudonym TechDev analyst tells from his 452,400 followers on social media platform X, several indicators suggest that the cryptocurrency market is replicating a 2020 pattern that led to a massive bull cycle.
“The entire cryptocurrency market just began its first bullish macro expansion in three and a half years.”
Source: TechDev/X
The analyst’s bimonthly chart of total market capitalization suggests that digital assets appear poised for a huge breakout. The trader’s chart uses Bollinger Bands (BB), an indicator of price volatility which often sees the upper and lower bands contract when volatility is low, and therefore likely to rise.
The chart suggests that the indicator contracted to similar levels that preceded huge upward moves in 2020, which continued higher into 2021.
The analyst says otherwise indicators Suggesting that market expansion is underway, it includes the Gaussian channel on the two-week Ethereum (ET) which signals that the flagship altcoin is likely entering a bull cycle.
Gaussian channels are momentum indicators that can be used to identify price reversals.
“Bitcoin bullish consolidation at previous ATH (all-time high). ETH green two-week Gaussian channel. DOGE marking. Two-month expansion of the alternative market. When have we seen this before?”
Source: TechDev/X
Even the analyst He says that Bollinger bands look bullish on the two-month OTHERS chart, which tracks the total market capitalization of cryptocurrencies excluding the 10 largest digital assets and stablecoins. The analyst has She said that the altcoin market is poised to trigger strong rallies similar to those seen in 2016 and 2021.
“Macro can bring clarity. Bitcoin is ready to break out. Altcoins are ready to break out.”
Source: TechDev/X
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