A popular crypto analyst says technical indicators indicate altcoins are about to go parabolic.
Pseudonymous analyst TechDev tells According to his 452,400 followers on the social media platform
“The entire crypto market just started its first macro-bullish expansion in three and a half years.”
The analyst’s bi-monthly total market capitalization chart suggests that digital assets appear poised for a huge breakout. The trader’s chart uses the Bollinger Bands (BB), a price volatility gauge where the upper and lower bands tend to contract when volatility has been low and is therefore likely to increase.
The chart shows that the indicator has shrunk to similar levels to those that preceded huge upward moves in 2020, which remained at higher levels in 2021.
The analyst says otherwise indicators Suggestions that a market expansion is underway include the Gaussian channel on the two-week Ethereum (ETH) chart, indicating that the top altcoin is likely entering a bull cycle.
Gaussian channels are momentum indicators that can be used to identify price reversals.
“Bullish Bitcoin Consolidation at Previous ATH (All-Time Record). ETH Gaussian channel of two weeks green. DOGE marking. Two month alt market expansion. When have we seen this before?”
The analyst too say that the Bollinger bands look bullish on the two-month OTHERS chart, which tracks the total market capitalization of crypto, excluding the 10 largest digital assets and stablecoins. The analyst has said that the altcoin market is poised for steep rallies similar to those seen in 2016 and 2021.
“Macro can bring clarity. Bitcoin is about to rip. Altcoins are about to rip.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Zigyrat