Altcoins
Altcoins Are About to Embark on First Major Market Expansion Since 2021, According to Crypto Analyst – Here’s His Outlook
A popular crypto analyst claims that technical indicators suggest that altcoins are on the verge of going parabolic.
Pseudonymous TechDev Analyst tell its 452,400 followers on social media platform X that several indicators suggest the crypto market is replicating a 2020 pattern that led to a massive bull cycle.
“The entire crypto market just began 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 huge breakout. The trader’s chart uses Bollinger Bands (BB), a gauge of price volatility that often sees its upper and lower bands contract when volatility is low, and therefore likely to increase.
The chart suggests that the indicator contracted to levels similar to those that preceded huge upward moves in 2020, which continued upward in 2021.
The analyst says other indicators which suggests that market expansion is underway, includes the two-week Gaussian channel on Ethereum (ETH) chart signaling that the top altcoin is likely entering a bullish cycle.
Gaussian channels are momentum indicators that can be used to identify price reversals.
“Bitcoin bullish consolidation at previous ATH (all-time high). ETH two-week green Gaussian channel. DOGE tagging. Expansion of the alternative market over two months. When have we seen this before?
Source: TechDev/X
The analyst also said that the Bollinger bands appear bullish on the OTHER two-month chart, which tracks the total crypto market cap excluding the 10 largest digital assets and stablecoins. The analyst has said that the altcoin market is poised to trigger steep rebounds similar to those seen in 2016 and 2021.
“Macro can provide clarity. Bitcoin on the verge of a tear. Altcoins are on the verge of a tear.
Source: TechDev/X
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