Renowned crypto analyst TechDev has shared his insights with his extensive following on X, suggesting that altcoins are on the verge of a significant surge. According to TechDev, various technical indicators indicate that the crypto market is mirroring a pattern from 2020 that led to a massive bull cycle.
TechDev’s chart, spanning two months, illustrates that the total market capitalization of digital assets appears primed for a major breakout. The analyst uses Bollinger bands (BB), a volatility gauge that typically sees its upper and lower bands constrict during periods of low volatility, signaling an imminent increase.
The chart reveals that the indicator has contracted to levels similar to those preceding substantial upward movements in 2020, which continued into 2021.
Additionally, TechDev highlights other indicators that suggest a market expansion is underway. One of them is the Gaussian channel on the two-week Ethereum (ETH) chart, which indicates that the leading altcoin is likely entering a bull cycle. Gaussian channels are momentum indicators used to identify price reversals.
TechDev also notes that the Bollinger bands on the two-month OTHERS chart, which tracks the total market capitalization of crypto excluding the top 10 digital assets and stablecoins, appear bullish. The analyst believes that the altcoin market is poised for significant rallies similar to those witnessed in 2016 and 2021.
In conclusion, TechDev asserts that the macro perspective provides clarity, as Bitcoin and altcoins are both poised for explosive growth.
Please note that The Daily Hodl does not provide investment advice, and investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl also does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.
