Markets
Altcoins Poised to Explode in First Major Market Expansion Since 2021, According to Crypto Analyst – Here’s His Perspective
A popular crypto analyst says technical indicators suggest altcoins are about to go parabolic.
Pseudonymous TechDev Analyst it says his 452,400 followers on social media platform X that several indicators suggest the crypto market is replicating a 2020 pattern that led to a huge bull cycle.
“The entire crypto market has just started its first macro-bullish expansion in three and a half years.”
Source: TechDev/X
The analyst’s two-month chart of total market capitalization suggests that digital assets appear poised for a major breakout. The trader’s chart uses Bollinger Bands (BB), a price volatility gauge that often sees its upper and lower bands contract when volatility is low and is therefore likely to increase.
The chart suggests that the indicator has contracted to levels similar to those that preceded large upward moves in 2020, which have continued upwards in 2021.
The analyst says another indicators suggesting that market expansion is underway includes the two-week Gaussian channel on Ethereum (ETH) chart signaling that the top 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 (historical high). Green ETH two-week Gaussian channel. DOGE marking. Two-month expansion of the alternative market. When have we seen this before?
Source: TechDev/X
The analyst also it says that Bollinger Bands look bullish on the two-month OTHERS chart, which tracks total crypto market capitalization excluding the 10 largest digital assets and stablecoins. The analyst has he said that the altcoin market is poised to trigger sharp rallies similar to those witnessed in 2016 and 2021.
“Macro can bring clarity. Bitcoin ready to rip. Altcoins ready to rip.”
Source: TechDev/X
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