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Crypto Expert Says Market Has Started Macro Bullish Expansion – What This Means for Bitcoin and Altcoin Prices – TradingView News
Crypto analyst TechDev offered a bullish narrative for the crypto market. He recently hinted that a parabolic move is imminent for Bitcoin and altcoins, following his statement that the market has entered an important phase in this bull cycle.
Crypto Market Started “Macro Bull Expansion”
TechDev mentioned in an X (formerly Twitter) post that “the entire crypto market has just started its first bullish macro expansion in three and a half years.” The analyst shared a bi-monthly chart of total crypto market capitalization, which showed that the market was currently at a similar stage to 2020, just before the 2021 bull market took effect and crypto tokens began to enjoy a trend of significant increase.
From the chart he shared, it could also be deduced that Tech Dev was insinuating that crypto tokens had completely gone through a healthy consolidation phase and were well prepared for this parabolic upward move. This is why the crypto analyst referenced the ‘bullish macro expansion’, with these coins poised to break out of the range they have been trading in for some time.
Crypto analyst Mikybull Crypto also appeared to agree with TechDev’s analysis. He shared a Bitcoin chart that showed the top cryptocurrency was ready for its next leg up, which would take it to nearly $90,000.
Meanwhile, in a previous X post, TechDev mentioned that Bitcoin and altcoins were “poised” to break the charts. He highlighted in the chart he shared that Bitcoin is about to have a divine candle that would see it surpass its current all-time high (ATH) of $73,000. Altcoins were also at a stage where they would move significantly higher.
TechDev had also previously suggested that Bitcoin was currently reflecting its price action from 2021, when the leading cryptocurrency experienced a 1,200% price increase as it rose to $20,000. This raised the possibility of Bitcoin enjoying such a parabolic move again, which could push its price to nearly $1 million.
Bitcoin is still consolidating for now
While TechDev suggested that a parabolic move for Bitcoin and altcoins is imminent, crypto analyst Rekt Capital provided a different view. He stated that Bitcoin is showing signs that its recent rally has “fueled the formation of another local top,” suggesting that this recent move has not yet been a continuation of the bull run.
The crypto analyst added that history suggests Bitcoin will likely continue to consolidate between $60,000 and $70,000 in the interim. Crypto analyst Michaël van de Poppe also shared a similar sentiment as he noted that no breakout is happening yet for Bitcoin since the $70,000 resistance level was rejected. He added that he would like to see Bitcoin hold above $66,000 as this will confirm that “all is well.”